Nigeria Spends $112m Monthly To Service Debt -CBN

The Federal Government spent $112.35m servicing external debt in January 2023, according to findings.

Data from the Central Bank of Nigeria’s Weekly International Payments showed that the amount spent in January was 146.17 per cent higher than the $45.64m spent in December 2022.

This occurred as the Federal Government struggled to boost its revenue base despite its revenue generation efforts.

It was reported that the Federation Account Allocation Committee shared N750.17bn among the three tiers of government in January 2023.

The figure represents a decrease of N240.02bn compared to the N990.19bn shared in December 2022.

In 2022, Nigeria spent $2.4bn to service its external debt, which was a slight increase from the $2.11bn spent in 2021.

The Federal Government deducted over N78bn from allocations made to the states for external debt servicing.