Nigeria's Debt Service Consumed N2.34 Trillion In Just Six Months

Debt Management Office 

According to the Debt Management Office (DMO), in the first six months of 2023, Nigeria paid N2.34 trillion on debt service.

This was published by DMO in its most recent data on the debt profile of the nation.

The amount was down 43.04 percent from the first quarter of 2023's N1.49 trillion paid on debt servicing.

Recall In Q1 2023, Nigeria budgeted N1.24 trillion, or N874.13 billion, for servicing domestic debt and N617.35 billion, or $801.36 million, for servicing overseas debt.

For servicing external debt, the DMO's exchange rate of $1 to N770.38 was applied.

No money was set aside in the first quarter of 2023 for servicing Exim Bank of China debts, in contrast to the previous quarter, when Nigeria set aside almost $131.13 million.