Nigeria’s monthly debt service rose by $31.46m in one month to $101.29m in January, figures obtained from the Central Bank of Nigeria (CBN).
This indicates a 45 percent increase month-on-month. In December, the CBN disclosed in its data on debt service repayment that the government spent $69.83m on debt service repayment.
The data also showed that the government spent $148.57m and $85.23 on debt service repayment in November and October 2021. The Debt Management Office disclosed that Nigeria’s outstanding debt stood at N39.57tn or $95.78bn as of December 2021.
It added that total external debt gulped 40.08 percent, totaling N15.86tn or $38.39bn in the period under review. The total public debt rose from N27.4tn or $80.05bn as of December 2019 to N32.92tn or $86.4bn as of the end of December 2021.
The Centre for the Promotion of Private Enterprise (CPPE) had said Nigeria’s debt, including that of the Asset Management Corporation of Nigeria and borrowings from the CBN, could hit N50tn within the shortest possible time.
It disclosed this while unveiling the 2022 first-quarter economic review of CPPE. CPPE advocated for concessionary financing for the country, as opposed to expensive commercial debts.
