Nigeria’s external debt commitment rose by $11.77bn in the last three years, investigation has shown.
According to debt statistics obtained from the Debt Management Office, the country’s external debt rose from $10.32bn in June 30, 2015 to $22.08bn as of June 30 this year.
Although multilateral debt made up $10.88bn or 49.28 per cent of the country’s external debt profile, most of the increases in the last three years occurred in the area of commercial loans.
According to the DMO, commercial foreign loans, which stood at $1.5bn as of June 30, 2015, had risen to $8.8bn as of June 30 2018.
This means that in the last three years, the country’s exposure to commercial foreign loans has risen by $7.3bn or 486.67 per cent.