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Nigeria’s foreign debt servicing gulps $1.12bn in Q1 2024

The Nigerian government has spent around $1.12 billion on foreign debt service payments in the first quarter of 2024.

Data from the Central Bank of Nigeria, CBN, showed that debt service payments had risen in the past few years.

In Q1 2023, debt servicing stood at $801.36 million, but in Q1 2024, it increased by 39.7 per cent to $1.12 billion.

A further analysis showed that Nigeria’s debt servicing obligation stood at $560.52 million, $282.22 million and $276.17 million in January- March 2024 compared to $112.35 million, $288.54 million and $400.47 billion in the same period last year.

This showed 70 per cent of its dollar payments to service external debts between January and March 2024.

According to data from the Central Bank of Nigeria, CBN, out of the $1.61 billion in total outflows made during this period, a substantial amount of $1.12 billion was directed towards servicing external debt.

Nigeria’s external debt rose to N1438.22 trillion at the end of 2023 from a N97.34 trillion total debt stock.

Nigeria’s foreign debt servicing gulps $1.12bn in Q1 2024

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