The rise in debt service payments, caused by the naira’s devaluation for foreign debt repayments, shows the growing burden on the Nigerian government as debt repayment gulps a large chunk of its financial resources.
An analysis of the debt service shows that in January 2023, the government spent N550.
3 billion servicing external debts.
Debt servicing gulped N1.
01 trillion in March 2024, relative to the N897.9 billion used in the same period in 2023.
In April 2024, the government spent N821 billion on debt service, compared to the N897.9 billion spent in the same period in 2023, representing a 3.
2% drop.
In June this year, debt service soared to about N689 billion from N241.
3 billion in 2023, showing a 186% spike...
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