In three years, Nigeria has increased its external debt commitment by $11.7 billion
According to the Debt Management Office, the country’s external debt rose from $10.32bn in June 2015 to $22.08bn as at June this year.
This means that the country’s external debt has grown by 114.05 per cent in the last three years.
The DMO, said commercial foreign loans, which stood at $1.5bn in June 2015, had risen to $8.billion by June 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.
With a commitment of $8.47bn, the World Bank is responsible for 38.36 per cent of the country’s foreign portfolio.