Nigeria has more than $5.83bn foreign loans that have been approved but not yet disbursed, the Debt Management Office has said.
The DMO on its portal listed a number of foreign loans that were to be disbursed as of December 31, 2020.
The disbursement of the loans will take the country’s total foreign debt commitment to more than $37.8bn.
Reports have it that the country’s external debt as of September 30, 2020 stood at $31.99bn.
A table provided by the DMO titled ‘External loans signed but yet disbursed as at December 31, 2020’ showed that a larger percentage of the loans would come from the International Development Association, a member of World Bank Group.
The outstanding loans from the group stand at about $3.27bn.
Another $1.25bn is supposed to come from the Export-Import Bank of China. Apart from multilateral agencies, China has remained the nation’s largest creditor.
The DMO also listed the projects and agencies that would benefit from the undisbursed funds.
