Nigeria spent N1.02 trillion servicing debt in three months

Domestic and foreign debt service gulped over N1.02 trillion from the coffers of the Federal Government in the first quarter of this year, a report by Debt Management Office (DMO) revealed.

The debt service ratio rose by 35.7 percent when compared to the N753.7 billion spent during the same period in 2020, at a time 99 percent of government revenue was consumed by debt.

External debt accounted for N410.1 billion of the amount spent on debt service in Q1 2021, while domestic debt service gulped N612.71 billion.

Domestic debt breakdown

FGN Bonds got N537.78 billion, surpassing the N239.46 billion recorded in first quarter of last year. It was gathered that N31.44 billion was paid as principal repayment as well.

Read also: Nigeria to spend 60.8% of 2021 revenue servicing debts

Nigerian Treasury Bills received N35 billion to service debt owed.

External debt breakdown

Multilateral loans received $134.04 million as debt service, with $104.4 million given to International Development Association, $16.21 million to AFDB, and $9.5 million to African Development Fund.

Bilateral loan accounted for $106.3 million, while Euro bonds received $763 million.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now