Nigeria’s Debt Servicing Rises To N3.36trn

Nigeria’s debt servicing bill went up by 14.68 percent to N3.36trn in 2022, data from the Debt Management Office has shown.

According to DMO, N2.93tn was spent on external and domestic debt servicing payments in 2021.

Earlier, the DMO reported that Nigeria’s total debt stock stood at N46.25 trillion in December 2022.

The DMO report showed that the country spent $2.4bn which was equivalent to N1.07 trillion using the current exchange rate of $/N460 to service its external debt last year.

The breakdown showed domestic debt servicing gulped N2.56tn in 2022, with the highest expenditures of N529.88 billion recorded in April.

Debt servicing in Nigeria has maintained an upward trend since 2016.

In 2016, a total of N1.23tn was spent to service the country’s domestic debts. Itrose to N1.48tn in 2017