Ekiti spends N16bn on debt servicing, generates N13bn IGR
Debt servicing has been a major problem at both state and federal levels.
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Nigeria to spend 76 per cent of revenue on debt servicing by 2025, how sustainable is this?
The Debt Management Office, in a press statement, noted that Nigeria’s debt profile could reach N77 trillion by May 2023. The agency pointed out that this is due to the addition of Ways and Means (loans sourced from the Central Bank of Nigeria) totaling N22.72 trillion.
Nigeria Spent N2.8 trillion on Debt Servicing in 2021
Nigeria spent N310.497 billion on domestic debt servicing in the 4th quarter of the year, N223 billion in October, N34.100 billion in November and another N53.044 billion in December.
#ChartoftheDay: Nigeria’s Debt Servicing Cost Reduced to N86.98 for every N100 made in Half Year 2021
Debt servicing burden means that few funds are left to meet other liabilities of the FG, which resulted in more borrowing to finance expenditure as up to 38% of the 2022 budget is financed by loans.