Nigeria In One Minute
Domestic debt servicing gulped N1.23tn in 2016 – DMO
The servicing of Nigeria’s domestic debt gulped N1.23tn in 2016, statistics obtained from the Debt Management Office have revealed.
The statistics showed that the highest interest payment of N839.79bn was made on funds borrowed using the instrument of FGN Bonds.
Similarly, N335.58bn interest was paid on Nigeria Treasury Bill, while debts incurred via Treasury Bonds recorded a debt service payment of N29bn last year.
A principal value of N25bn of Treasury Bonds was also repaid within the year.
The N1.23tn paid in servicing the domestic debt of the Federal Government was spread throughout the 12 months of the year.
The Federal Government had in 2015 spent N1.02tn to service its domestic debts. This comprised N25bn spent on the repayment of the principal and N993.13bn spent on interest.
Punch, March 13th
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