The federal government has spent a whopping N8.94 trillion on debt servicing in the first nine months of 2024, representing a significant 47% of total expenditure during this period. The figure marks a sharp 56.8% increase compared to N5.69 trillion spent in the same period in 2023, according to data from the Central Bank of Nigeria’s (CBN) quarterly statistical bulletin. …

The global credit ratings agency, Fitch, has projected Nigeria’s external debt servicing to rise by $400 million to $5.2 billion next year. This is despite insistence by the current administration to focus more on domestic borrowings from the capital market. It also estimated that approximately 30 per cent of Nigeria’s external reserves are constituted by foreign exchange bank swaps. This …

The Federal Government has deducted over N415 billion from state government allocations to service their external loans, according to findings by The PUNCH. This was according to data from the Federation Account Allocation Committee (FAAC) Disbursement reports published by the National Bureau of Statistics (NBS). The deductions were made between 2019 and 2023 from the allocations given to state governments …

Debt servicing by the Federal Government is to increase from N6.31 trillion in 2023 to N8.25 trillion in the 2024 budget estimates, according to findings by The PUNCH. This is an increase of 30.74 per cent. Amid concerns for a reduction in the cost of governance, the Federal Government is also proposing to increase budget for personnel and pension from …

Nigeria’s debt servicing spending declined by 43.04 per cent in the second quarter of 2023 with N849.58 billion in the second quarter of 2023 as against N1.49 trillion in Q1 2023. According to data obtained by The PUNCH from the Debt Management Office (DMO), between January and March 2023, Nigeria spent N874.13 billion on domestic debt servicing, while $801.36 million …