Senior Advocate of Nigeria, Femi Falana, SAN had earlier demanded from the Debt Management Office (DMO), information on the nation’s external loans of $76 billion.
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This is contained in a letter written by Falana, SAN dated 3rd day of August, 2020 which was made available to TheNigeriaLawyer (TNL), titled “REQUEST FOR INFORMATION ON EXTERNAL LOANS OF $76 BILLION”.
“We have confirmed from the statement issued by your office on or about June 20, 2020, that as at March 31, 2020, Nigeria had taken loans worth $79.3 billion from foreign countries and institutions. It was also disclosed that the said Chinese loan represents only about 3.94% of Nigeria’s total public debt of $79.303 as at March 31, 2020.
“In view of the details of the Chinese loans of $3.1 billion which have been made available to members of the public in the said statement we hereby request for information on the remaining foreign loans totaling $76 billion and other loans that have recently been incurred by the Federal Government.
“As this request is made pursuant to Section 1of the Freedom of Information Act you are required to supply the requested information not later than 7 days from the date of receipt of this letter.” The letter read in part.
Meanwhile, in a letter from DMO dated 12th day of August, 2020 signed by Maraizu Nwankwo, Head, Dept Recording & Settlement Department, they have complied with the demand.
“Per the request in paragraph 2 of your letter, please find attached a Schedule of Nigeria’s External Debt Stock by sources as at March 31, 2020.”
However, in a Schedule to the letter titled “Nigeria’s External Debt Stock as at March 31 2020”, the grand debt was disclosed to be $27, 665.66.
The breakdown of the category of creditor and outstanding debt in dollars are:
MULTILATERAL
WORLD BANK GROUP
International Development Association: 9,689.39
International Bank for Reconstruction & Development: 409.51
AFRICA DEVELOPMENT BANK GROUP
Africa Development Bank: 1,348.27
Africa Growing Together Fund: 0.10
Africa Development Fund (ADF): 924.90
Arab Bank for Economic Development in Africa: 5.88
European Development Fund : 52.87
Islamic Development Bank: 26.96
International Fund for Agricultural Development: 197.85
Subtotal: 12,655.72
BILATERAL
Exim Bank of China: 3,121.29
French Development Agency: 408.32
Japan International Cooperation Agency: 76.15
Exim Bank of India: 33.84
Krenditastalt Fur Wiederaufbua: 201.98
Subtotal: 3, 841.59
COMMERCIAL
Eurobonds: 10, 868.35
Diaspora Bond: 300.00
Subtotal: 11, 168. 35
Grand total: 27, 665. 66.
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