How FG Spent N41.9 Billion On Debt Servicing In January

The Central Bank of Nigeria (CBN) new data has revealed that Nigeria’s monthly debt servicing increased by $31.46 million in one month to $101.29 million in January, which is about 45 per cent jump month-on-month.

As a result, the country spent about N41.9 billion on debt servicing in January alone

CBN revealed in its data on debt service repayment that the federal government spent about $69.83 on debt service repayment in December.

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The data also noted that $148.57 million and $85.23 million were spent on debt service repayment in November and October respectively.

According to the Debt Management Office (DMO), Nigeria’s outstanding debt stood at N39.57 trillion or N95.78 billion as of December 2021.

The DMO stated that the total external debt consumed about 40.08 per cent, making N15,86 trillion ($38.39 billion) in the period being reviewed.

By the end of December 2019, the total public debt stock increased from N27.4 trillion ($80.5 billion) to N32.92 trillion ($86.4 billion) as of the end of 2021.

During the 2022 first-quarter economic review of Centre for the Promotion of Private Enterprise (CPPE), the group noted that Nigeria’s debt, including that of the Asset Management Corporation of Nigeria (AMCON) and borrowings from the Central Bank of Nigeria, could hit N50tn within the shortest possible time.