Nigeria’s debt servicing gulped N2.34trn in six months

The Debt Management Office (DMO) says Nigeria spent N2.34 trillion on debt service within six month of 2023.

DMO disclosed this in its latest data on the country’s debt profile.

Meanwhile, the figure marked a 43.04 per cent decline from the N1.49 trillion spent on debt servicing in the first quarter of 2023.

Recall that Nigeria allocated N874.13 billion for servicing domestic debt and $801.36 million (equivalent to N617.35 billion) for external debt servicing, totalling N1.24 trillion in Q1 2023.

The exchange rate of the DMO, which was $1 to N770.38, was used for external debt servicing.

In contrast to the previous quarter, during which Nigeria allocated around $131.13 million for servicing Exim Bank of China loans, no funds were dedicated to Chinese loan servicing in the first quarter of 2023.

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