The Debt Management Office (DMO) has revealed that Nigeria’s expenditure on debt servicing during the first half of 2023 amounted to a total of N2.34 trillion.Â
This information is based on the most recent data concerning the country’s debt profile.
Significantly, this figure represents a substantial decrease of 43.04 percent compared to the N1.49 trillion allocated for debt servicing in the first quarter of 2023.
To provide context, it’s important to note that in the initial quarter of 2023, Nigeria allocated N874.13 billion for servicing domestic debt and $801.36 million (equivalent to N617.35 billion) for external debt servicing, resulting in a total of N1.24 trillion. The exchange rate used for external debt servicing was set at $1 to N770.38.
In a noteworthy contrast to the previous quarter, during which Nigeria earmarked approximately $131.13 million for servicing Exim Bank of China loans, there were no funds allocated for servicing Chinese loans in the first quarter of 2023.
