The Debt Management Office, DMO says Nigeria’s debt servicing cost has increased by 55.71 percent to 1.24 trillion naira in three months.
Data from the DMO indicated that between October and December 2022, Nigeria spent 406.77 billion naira on domestic debt servicing, while it spent 143.74 billion naira on external debt servicing, giving a total of 550.51 billion naira.
However, between January and March 2023, Nigeria spent 874.13 billion naira on domestic debt servicing, while it spent 368.87 billion naira on external debt servicing, giving a total of 1.24 trillion naira.
The exchange rate of the DMO, which was one dollar to 460 Naira 3 kobo was used for the external debt servicing.
The International Monetary Fund, IMF recently said the Federal Government projected to spend 82 per cent of its revenue on interest payments in 2023.
