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Business News of Friday, 26 November 2021

Source: www.mynigeria.com

Every Nigerian owes China N7,178 as county's debts hit N1.75 trillion

President Muhammadu Buhari with Xi Jinping, President of China President Muhammadu Buhari with Xi Jinping, President of China

The Debt Management Office (DMO) data has indicated that Nigeria is indebted to five countries worth over N1 trillion.

China accounts for the highest debt stock by countries and the debts were obtained through bilateral agreements.

As of the end of June 30, the federal government owes China N1.43 trillion ($3.48bn), which represents 81.98 per cent of the countries total debts.

This also means in terms of debt per capita which is calculated as the total public debt of a country divided by the country’s population, each Nigerian is currently owing China at least N7,000.