By Munachimso Obienyi
The Debt Management Office (DMO) external debts stock report has shows that Nigeria’s total external debt has risen from $10.32 billion on June 30, 2015, to $40.06 billion as at June 30, 2022.
This shows that there has been an increase of 288.18 per cent in seven years.
A breakdown shows that in 2015, 36 states had $3.27 billion external debt while the Federal Government had $7.05 billion.
By 2022, states’ external debt rose to $4.56 billion, while the Federal Government’s external debt increased to $35.5 billion.
The debts included loans from multilateral sources such as the World Bank, the African Development bank and the International Monetary Fund.
