The Debt Management Office (DMO) has released a compilation of organisations and countries that are Nigeria’s top five creditors.
According to the report, a member of the World Bank Group, International Development Association (IDA) is Nigeria’s single biggest creditor, with a portfolio worth $12.57 billion
IDA is followed by China (Exim Bank of China) with $3.93 billion and International Monetary Fund (IMF) with $3.27 billion credit facilities.
While World Bank and IMF are multilateral lenders, the Exim Bank of China is a bilateral lender.
Multilateral financing is a credit facility provided to a borrower by more than one lender on uniform terms and conditions using common documentation.
Bilateral lending is usually between an individual and the lender.
Currently, Nigeria’s total public debt stands at N42.84 trillion ($103.31 billion), foreign $40.06 billion (N16.61 trillion) and domestic, N26.23 trillion, ($63.24 billion).
With TheCable report