How much do Nigeria owe? (2023)

How much does Nigeria owe in total?

Juliet Akoje in Abuja. The Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha yesterday confirmed that Nigeria's total debt profile as at March, 2022 stood at N41. 60 trillion.

Nigeria's external debt owed to China accounts for 83.57 percent of its total bilateral debt as of June 30, 2022, totalling $3.9 billion, a 12.7 percent increase from $3.5 billion in the same period last year, according to data from the Debt Management Office (DMO).

95trillion as of June 2022, Nigeria's domestic debt service rose to N5. 24trillion in 30 months, the Debt Management Office (DMO) data published on its website has revealed. The DMO data revealed that domestic debt service in the first quarter of 2022 was N664. 73 billion, representing 0.6 per cent decline from N668.

According to the newly released World Bank Fiscal Year 2022 audited financial statements for IDA, Nigeria has risen to fourth place, with $13 billion in IDA debt stock as of June 30, 2022.

External Debt in Ghana averaged 13297.34 USD Million from 2007 until 2022, reaching an all time high of 28379.07 USD Million in the first quarter of 2022 and a record low of 2310.06 USD Million in the first quarter of 2007.

Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan's national debt currently sits at ¥1,028 trillion ($9.087 trillion USD).

This list is courtesy of a report by Statista dated December, 2021. Although the exact figures of these countries' public debts were not disclosed, the percentage of debt to GDP are clearly indicated as you can see below. Eritrea: The national debt in this Horn of Africa country stands at 175.1% of the GDP.

$514.076 billion (nominal, 2021 est.) $1.116 trillion (PPP, 2021 est.)

Kenya National Government Debt reached 72.1 USD bn in Sep 2022, compared with 72.2 USD bn in the previous month.

The country's bloated debt portfolio is the outcome of decades-long economic mismanagement. Among the many dangers threatening the very foundation of the Nigerian state is the government's increasing reliance on internal and external borrowing to finance its operations.

How much is the debt of Ghana in 2022?

Ghana's total public debt as of June 2022 was US$54.4 billion (GHS393 billion or 78.3% of GDP) from US$32.3 billion (GHS143 billion or 55.5% of GDP) in 2017, according to central bank and finance ministry data.

The Debt Management Office (DMO) says Nigeria took loans worth $31.98 billion from World Bank Group, International Monetary Fund (IMF), African Development Bank (AfDB) Group and others as of September 2020. This is contained in the September 30, 2020, debt stock report recently released by the DMO.

As a proportion of gross domestic product and of export earnings, Africa's debt of about $350 bn is the highest of any developing region. The high debt levels impede public investment in infrastructure and human development and this in turn deters private investment.

This is debt owed to the country's power producers and suppliers. It has been accumulated largely by Ghana's state-owned enterprises, that struggle to generate enough internal revenue to pay their loans. In 2021, for instance, the government has so far provided a $3 billion bailout.

Ghana: The government of Ghana has a total external debt of US$ 19.4 billion. They owed US$ 1.86 billion to China (under 10 percent), while nearly half of the external debt is owed to bondholders and commercial banks, and a third to multilateral banks.

Get ready for this statistic – China owns 981 billion dollars in U.S debt. That means we owe China nearly a trillion dollars! But wait, let us explain. While this number may seem large, the total amount of U.S Treasuries outstanding is more than 30 trillion dollars.

Japan is the largest holder with about $1.2 trillion in Treasury securities. Behind Japan, the four countries with the largest U.S. debt holdings are China at $967.8 billion, the U.K. at $615.4 billion, Luxembourg at $306.8 billion and the Cayman Islands at $300.4 billion.

You might be surprised. According to data published by London-based investment fintech Invezz, Japan, Greece, Italy, Portugal, and the US are the top five countries with the highest level of government debt.

Which African country is richer than Nigeria?

In terms of total GDP (PPP INT$), Egypt wins out as the richest country in Africa for 2021.

India has surpassed Nigeria as the nation with the highest number of extremely poor people. The World Poverty Clock (WPC) said this in its recent update, considering the COVID-19 pandemic economic effect.

Economy. Nigeria has a GDP per capita of $5,900 as of 2017, while in United Kingdom, the GDP per capita is $44,300 as of 2017.

Even with the spate of insecurity, high rate of inflation, unemployment and recessions, the 2021 World Population Review of World Bank rates Nigeria as the richest African country with a Gross Domestic Product (GDP) of $514.05 billion.

How much money does the U.S. owe to China? China owns roughly $1.08 trillion worth of U.S. debt. 2 This amount is subject to market fluctuations. The value will change whenever China trades Treasury securities or when the prices of those bonds change.

Global debt is borrowing by governments, businesses and people, and it's at dangerously high levels.

Today, a government that defaults may be widely excluded from further credit; some of its overseas assets may be seized; and it may face political pressure from its own domestic bondholders to pay back its debt. Therefore, governments rarely default on the entire value of their debt.

Government Debt to GDP in Ethiopia is expected to reach 60.00 percent of GDP by the end of 2022, according to Trading Economics global macro models and analysts expectations.

How much is Tanzania debt?

Development Challenges

The lack of job opportunities is at the core of the high poverty levels, regional inequality, and social and political unrest. High inflation has also taken a toll on household's welfare and high prices in 2020-2022 are likely to have pushed an additional 8 million Nigerians into poverty.

The most economically valuable minerals are crude oil, natural gas, coal, tin, and columbite (an iron-bearing mineral that accompanies tin). Petroleum, first discovered in 1956, is the most important source of government revenue and foreign exchange.

The oil sector provides for 95% of Nigeria's foreign exchange earnings and 80% of its budgetary revenues.

In the latest reports, South Africa National Government Debt reached 272.3 USD bn in Jul 2022. The country's Nominal GDP reached 105.3 USD bn in Jun 2022.

COLOMBO: Sri Lanka, Pakistan and Maldives are among the biggest debtors of China. Pakistan owes $77.3 billion of external debt to China, according to Forbes.

Money is also present in the form of investments and derivatives. This figure can even touch a quadrillion if we include all of them. It looks like this: $1,000,000,000,000,000.

Does China owe Africa?

China is Zambia's biggest creditor. Lusaka owes some $6 billion to Chinese entities. In July, Zambia's finance ministry announced it was canceling $2 billion of undisbursed loans from its external creditors, $1.6 billion of which are from Chinese banks.

The proposed change translates to a debt ceiling of about KSh8. 579 trillion for 2022.

Six countries - Angola, Cameroon, Republic of Congo, Djibouti, Ethiopia and Zambia - sent over a third of debt payments to Chinese lenders in 2021, while other private creditors accounted for over 33% of payments in 12 countries.

43. Total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This includes the revenues of 63 Government-Owned Enterprises.

Nigeria's National Assembly is a budget-making legislature; its power is conferred on it by the 1999 Constitution (sections 80–84) and FRA 2007. Both the 1999 Constitution and FRA 2007 provide for no limitations on the National Assembly's power to amend the annual Appropriations Bill.

The oil sector provides for 95% of Nigeria's foreign exchange earnings and 80% of its budgetary revenues. Note: Top 3 trade partners are calculated by imports + exports.