On April 10, 2023, Legit.ng reported that Nigeria, under President Muhammadu Buhari, had successfully paid off a debt of N3.63 trillion to external and domestic creditors, including the International Monetary Fund (IMF), Chinese government, Islamic Bank, and Arab bank.
The Debt Management Office (DMO) provided data revealing that Nigeria used the exchange rate of N448.08 to pay off external debt of $2.40 billion, which amounted to N1.07 trillion. The total domestic debt service for the year was N2.56 trillion, with N529.88 billion being the highest monthly debt servicing expenditure paid in April 2022.
The Federal Government (FG) repaid debt to domestic creditors in 2022, with the monthly breakdown as follows: January – N188.36 billion, February – N103.88 billion, March – N376.44 billion, April – N529.88 billion, May – N66.97 billion, June – N67.88 billion, July – N248.72 billion, August – N152.44 billion, September – N419.42 billion, October – N302.42 billion, November – N57.24 billion, and December – N47.11 billion.
Nigeria also made payments to external debt creditors in 2022, with China, the International Monetary Fund, and the African Development Bank being the top three recipients of credit alerts.
Other external debt creditors included the International Fund For Agricultural Development, African Development Fund, Africa Growing Together Fund, International Development Association, European Development Fund, Arab Bank for Economic Development in Africa, Islamic Development Bank, India, France, and Germany.