Nigeria’s debt servicing gulped N2.34trn in six months – DMO

According to the Debt Management Office (DMO), in the first six months of 2023, Nigeria paid N2.34 trillion on debt service.

This was published by DMO in its most recent data on the debt profile of the nation.

The amount was down 43.04 percent from the first quarter of 2023’s N1.49 trillion paid on debt servicing.

Recall that Nigeria set aside N1.24 trillion in Q1 2023, with N874.13 billion for servicing domestic debt and N617.35 billion ($801.36 million) for servicing external debt.

For servicing external debt, the DMO’s exchange rate of $1 to N770.38 was applied.

No money was set aside in the first quarter of 2023 for servicing Exim Bank of China debts, in contrast to the previous quarter, when Nigeria set aside almost $131.13 million.