Journalism in the service of society

FG services debt with $2.2b in five months – CBN

Nigeria’s debt servicing gulped about N2.2bn in the first five months of this year, the latest data from the Central Bank of Nigeria have revealed.

This is almost half of the $4.8bn projected for the entire year by Fitch Ratings in a report that predicted Nigeria’s external debt servicing would rise by $400m to $5.2bn next year.

This is also despite the government’s claims that it is focusing more on borrowing from the domestic market.

According to the CBN International Payments Data, the FG spent the highest on debt financing in May at $854.36m, which is also the highest paid in a single month in the past year.

This figure is about 297 per cent higher than it spent on debt servicing in April and 286.49 per cent higher than the $221.05m the country spent in May 2023.

In April, the debt servicing gulped $215.20m, $276.16m in March, $283.22m in February and $560.52m in January.

The entire amount is about 96.32 per cent higher than what FG spent on debt servicing within the same period in 2023 which stood at $1.12bn.

Leave A Reply

Your email address will not be published.

Naija Times