In the first 9 months of 2021, ₦2.49tn was spent on debt servicing payments, this is according to the Debt Management Office’s (DMO) data.
Between January and March 2021, Nigeria spent ₦612.71bn on domestic debt servicing, while it spent $1bn (₦410.83bn) on external debt servicing, giving a total of ₦1.02tn.FG Spent ₦2.9Trn On Debt Servicing In 9 Months – DBO Between January and March 2021, Nigeria spent ₦612.71bn on domestic debt servicing, while it spent $1bn (N410.83bn) on external debt servicing, giving a total of ₦1.02tn.
From April to June 2021, the country spent ₦322.7bn on domestic debt servicing and $299m (₦122.83bn) on external debt servicing, showing a total of ₦445.53bn.
From July to September 2021, Nigeria spent ₦808.49bn on domestic debt servicing and $520.78m (₦213.95bn) on external debt servicing, giving a total of ₦1.02tn.
The official exchange rate of the Central Bank of Nigeria (CBN), which showed $1 =N410.83 as of December 15, was used for the external debt servicing.
Domestic Debt
For domestic debt, the government spent ₦219.29bn in January, ₦125.09bn in February, ₦270.33bn in March, ₦258bn in April, ₦42.4bn in May, ₦22.3bn in June, ₦354.07bn in July, ₦100.66bn in August, and ₦353.75bn in September.
Breakdown
In Q1 and Q3, the government focused on principal repayments, while in Q2, the government focused on interest payments. Throughout, the Federal Government bonds had the largest chunk of debt servicing payments.
A breakdown of the statistics in Q2 shows that the Federal Government spent a total of ₦322.7bn on the payment of interest, with ₦50.3bn expended on the redemption of matured Nigeria Treasury Bills.
For external debt servicing in Q1, commercial loans had 76 per cent with a cost of $763.04m (₦313.48bn), multilateral had 13 per cent with a cost of $134.04m (₦55.05bn), and bilateral had 11 per cent with a cost of $106.33m (₦43.68bn).
For external debt servicing in Q2, commercial loans had 53 per cent with a cost of $157m (₦64.4bn), multilateral had 35 per cent with a cost of $103.7m (₦42.5bn), and bilateral had 13 per cent with a cost of $38.2m (₦15.7bn).
For external debt servicing in Q3, commercial loans had 47 per cent with a cost of $246.16m (₦101.13bn), multilaterals had 32 per cent with a cost of $165.37m (₦67.94bn), and bilateral had 21 per cent with a cost of $109.25m (₦44.88bn).
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