Tuesday, March 9, 2021

Nigeria spends N2tn on debt servicing in nine months

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The Debt Management Office says Nigeria spent N1.99tn on debt servicing payments from January to September 2020.

The DMO had earlier said the nation’s total public debt stock rose by N1.21tn in the third quarter of last year to N32.22tn amid revenue shortfalls.

The debt stock is made up of the domestic and external debt stocks of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory.

DMO’s data showed that the cost of servicing the nation’s debt from January to September 2020 stood at N1.99tn as a total of N1.53tn was spent on domestic debt service while $1.27bn or N467.44bn was spent on external debt service payments.