Nigeria spent almost N1tn on debt servicing payments in the first quarter of this year, the latest data obtained from the Debt Management Office have shown.
The DMO had on Wednesday disclosed that the country’s total public debt increased to N33.11tn at the end of Q1 2021 from N32.92tn in December.
It said the domestic debt rose to N20.64tn as of March 31, 2021 from N20.21tn on December 31, 2020 while the external debt fell to N12.47tn ($32.86bn) from N12.71tn ($33.348bn) in December.
The total debt stock is made up of the domestic and external debt stocks of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory.
DMO’s data collated by our correspondent showed that the cost of servicing the country’s debt from January to March this year stood at N993.5bn.
A total of N612,712,626,144.40 was spent on domestic debt service while $1,003,409,940 (N380.79bn) was spent on external debt service payments.
An exchange rate of N379.50 to $1 was used by the DMO in converting the external debt service payments to naira