Tinubu Government Spends $1.1billion, N989billion On Servicing Nigeria's Debt In Three Months

A budget performance review has shown that in the first three months of 2024, the Nigerian government under President Bola Tinubu spent N989billion on domestic debt servicing and $1.1billion on external debt servicing.

This would mean that between the 3rd quarter of 2023 and first quarter of 2024, the sum total of $3.4 billion was spent on external debt servicing while N4.7trillion was spent on domestic debt servicing. 

In the third quarter of 2023, domestic debt servicing gulped N1.792 trillion, in the fourth quarter of 2023 it took N2 trillion, according to the analysis done by SaharaReporters. 

External debt servicing stood at $1.390 billion dollars in the third quarter of 2023 and $943 million in the fourth quarter of the year.

On Thursday, SaharaReporters reported that the country’s Debt Management Office (DMO) has said that Nigeria’s total public debt surged to N121.67trillion, marking an increase of N24.33trillion or 24.99 percent over a span of three months.

It was also reported that the country’s medium term expenditure framework (MTEF) has shown that the country plans to spend N29 trillion on debt servicing between 2024 and 2026.

Review shows that in 2024, the country plans to borrow N8.2 trillion, N10 trillion in 2025 and another N11 trillion in 2026.

This will mean that in the next three years, a total sum of N29 trillion is planned to be spent on debt servicing by the government.

In contrast, the country plans to spend N18.3 trillion in 2024, N17 trillion in 2025 and another N17.9 trillion in 2026.

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