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Nigeria’s Debt Crossed the $90 Billion Threshold… But Not Because of Chinese Loans

Nigeria’s total debt, both external and domestic, edged up by 4% to $92.6 billion as of the end of September according to the latest data from the Debt Management Office (DMO). 

The DMO said the increase was due largely to the government’s $4 billion Eurobond issuance earlier this year that was used to fortify the country’s foreign exchange reserves and to prevent the naira from depreciating the same way that the Kenyan shilling has for the past year.

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