In 2006, Nigeria paid about $12.4bn to its foreign creditors in other to
enjoy the $18bn debt write off, from the country’s total external debt of about
$30bn. Ni
gerians heaved a sigh of relieve from the crippling debt overhang.
However, since 2010, Nigeria's debts have been increasing at an alarming
rate. The rate of growth in Nigeria’s debt profile between 2015 and 2017 is
particularly worrisome.
In just 12 months (July 2016 - July 2017), Nigeria borrowed an average of
$2,029 per second.
As at June 2017, Nigeria's total debt stood at $64billion i.e. Total
Domestic debt = $49billion. Total foreign debt = $15billion. Using the official
population figure of 186million, the total debt per citizen is $344 ~ N105,000.
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