The Federal Government spent N609.134bn to service domestic debt between January and March 2020, the Debt Management Office has said.
According to the DMO, the money was expended on federal government debt instruments, including Nigeria treasury bills, FGN bonds, and FGN savings bond.
Meanwhile, Nigeria’s total public debt stock stood at N28.6tn as of March 31, 2020. This comprises a domestic debt of N18tn ($51.637bn) and N9.9tn ($27.66bn) foreign debt.
Out of the over N18tn domestic debt, the government alone accounted for N14.534tn while the states and the Federal Capital Territory accounted for the balance of N4.106tn.
The DMO had recently disclosed that as of March 2020, the total borrowing by Nigeria from China was $3.121bn (1.126.68tn at $1/361).
This amount, it stated, represented only 3.94 per cent of Nigeria’s total public debt of 28.628tn at 361 as of March 31, 2020.
Similarly, in terms of external sources of funds, loans from China accounted for 11.28 per cent of the external debt, adding that China is not a major source of funding for the government, contrary to widely held view.