Debt Profile: Nigeria’s Eurobonds Debts Upset By $9.37 billion

Although, there are pending huge debts to service, the commercial loans obtained by Nigeria through Eurobonds stood at $9.37 billion, counting from December 31, 2015 to December 31, 2020.

In December 31, 2015, Eurobonds loans rose to $1.50 billion and in December 31, 2020, it rose to $10.87 billion indicating 625 percent increase in five years.

Breaking down the process, the debt stock remained at $1.5bn from 2015 to 2016, but rose to $6bn by 2017, indicating a $4.5bn or 300 per cent rise within a year.

It additional rose to $10.87bn in 2018, indicating an increase by $4.87bn or 81 per cent. It remained at this figure till the end of 2020.

From all indications, the Federal Government still intends to seek more funding through Eurobonds, which would further increase Nigeria’s Eurobonds debt stock.