FG spends N3.63trn to service external, domestic debts in 2022

The Nigerian government spent a whopping N3.63 trillion on servicing its external and domestic debts in 2022.

According to data obtained from the Debt Management Office (DMO) on Thursday, external debt service, which cost Nigeria $2.40 billion, amounted to N1.07 trillion using the exchange rate of N448.08, which Nigeria used to pay off the debt.

While the total domestic debt service for the year stood at N2.56 trillion, with the monthly breakdown revealing that the highest debt servicing expenditure was in April, where N529.88 billion was spent.

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The breakdown of the domestic debt service for the year is as follows: January – N188.36 billion, February – N103.88 billion, March – N376.44 billion, April – N529.88 billion, May – N66.97 billion, June – N67.88 billion, July – N248.72 billion, August – N152.44 billion, September – N419.42 billion, October – N302.42 billion, November – N57.24 billion, December – N47.11 billion.

Meanwhile, the DMO had earlier reported that Nigeria’s total debt stock as at December 2022 stood at N46.25 trillion.

The total domestic debt stock stands at N27.55 trillion (61.42 billion USD), while the entire external debt stock was N18.70 trillion (USD 41.69 billion).