The CBN data has shown that Nigeria spent a total of $3.07 billion on external debt servicing in ten months of 2023 .
The DMO data showed that as of September 30, the total public debt was $114.35 billion.
The amount shows an increase in debt payment compared to the $2.22 billion it spent during the same time in 2022 .
During the ten months, the nation paid $3.07 billion in servicing its foreign debt. The amount represents an increase of $850.42 million or 38.31% over the $2.22 billion it spent during the same time in 2022.
The data shows that the government spent $112.35 million in January, $288.54 million in February, and $400.47 million in March to service external debt.
$92.85 million was spent in April, $221.05 million in May, $54.36 million in June, $641.69 million in July. $309.96 million in August, $439.06 million in September, and $509.73 million in October.
The country’s significant lenders include the World Bank, the African Development Bank, China, the Islamic Development Bank, Japan, France, and others.
Domestic debt includes the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments, and the Federal Capital Territory (FCT).
The debt management office (DMO) data showed that the outstanding total public debt (external and internal) summed up to $114.35 billion or (N87.91trn) as of September 30.
The external debt makes up $41.59 billion, 36.38%, and domestic debt makes up $72.76 billion, 63.62%.
According to the DMO, the Central Bank of Nigeria (CBN) Official Exchange Rate of US$1 to N768.76 as of September 30, 2023, was used in converting External Debt to Naira.
The central bank of Nigeria (CBN) exchange rate of US $1 to N768.76 as of September 30, 2023 was used in converting External debt to Naira.