FG spends N351bn servicing domestic debts in three months

The Federal Government of Nigeria spent N351.98bn to service domestic debts from October to December last year.

According to the latest data from the Debt Management Office, the majority of the debt servicing cost at the domestic market went to Federal Government bonds. A total of N239.46 was spent servicing the FGN bond obligations between October and December last year.

The government spent N65.17bn on servicing the government obligations through the Nigeria Treasury Bills while N331.43m was expended on paying yields on the Federal Government Savings Bond.

A total of $243.88m was spent on servicing external loans between January and December last year.

According to data released on Tuesday by the DMO, 45 per cent of the figure was used to service the debt owed to multilateral organisations; 41 per cent was used to service commercial debt, and 14 per cent for debts owed to bilateral lenders.

A total of $108.66m was paid to service debt with multilateral agencies. Of this figure, $78.19m went to the International Development Association while $18.27 was paid to the African Development Bank.

The total cost of servicing the Eurobonds and one Diaspora Bond stood at $100.507m, while $34.676m had was paid to service obligations with bilateral lenders.

Nigeria’s total public debt had risen by 2.1 per cent or N693bn between September and December last year to N32.92tn, according to the DMO.

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