Data from the Debt Management Office (DMO) has revealed that the Federal Government of Nigerian has spent N3.63 trillion on debt servicing in the year 2022.
The obtained data show that 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.
The details of the debt payment throughout the year go thus: 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 and December – N47.11 billion.
The DMO had earlier reported that Nigeria’s total debt stock as of December 2022 stood at N46.25 trillion.
The profile of the 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).
