The United States is the most indebted nation in the world.
The U.S Treasury Department just released a breakdown of foreign debt holdings of its $13.4 trillion Treasuries market, by oil producing nations including Nigeria.
The data shows that Nigeria owns $3.1 billion in U.S Treasury debt as of March 2016.
Saudi Arabia was the largest holder with $116.8 billion.
This ranks Saudi Arabia among the top dozen foreign nations in terms of holdings of U.S. debt, and compares with China’s $1.2 trillion, and $1.1 trillion for Japan.
The U.S Treasury market is the deepest and largest in the world and countries often buy American debt in a bid to manage their foreign exchange holdings.