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 on Sunday 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.
Our correspondent reports 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 stands 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.
Other major sources of the undisbursed funds include Agence Francaise de Development from where the country will get more than 500 million Euros and the European Development Fund from where the country will collect about $425m.
The DMO also listed the projects and agencies that would benefit from the undisbursed funds.
These include Nigerian Supply of Rolling Stock and Depot Equipment for Abuja Light Rail Project, the Nigerian Greater Abuja Water Supply Project, Nigerian National Information Communication Technology Infrastructure Backbone Phase II Project; Four Airport Terminals Expansion Incremental Project, the Nigerian Four Airport Terminals Expansion Ancillary Project.