Worries as Nigeria spends N993.5bn on debt servicing in Q1

Worries as Nigeria spends N993.5bn on debt servicing in Q1

Worries as Nigeria spends N993.5bn on debt servicing in Q1     As Nigeria spent almost N1 trillion on debt servicing payments in the first quarter of this year, experts and financial analyst are worried for the imbalance between debt profile and revenue generation of the country. The Debt Management Office (DMO) had on Wednesday disclosed that the country’s total public debt increased to N33.11 trillion at the end of Q1 2021 from N32.92 trillion in December. It said the domestic debt rose to N20.64 trillion as of March 31,…

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Explained: Buhari’s $6.2bn loan request could raise public debt to N36.4trn

Public debts

Buhari’s $6.2bn loan request could raise public debt to N36.4trn     Despite coming as a key component of the 2021 Appropriation Act, the request of President Muhammadu Buhari seeking Senate’s approval for a $6.2 billion loan is generating concerns as it will further inflate Nigeria’s public debt stock. The President in a letter addressed to the President of Senate, Dr Ahmad Lawan, and read at plenary on Tuesday sought the approval of an external loan of $6.183 billion, to fund the deficit of N5.602 trillion in the 2021 budget.…

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Nigeria’s public debt profile hits N32.22trn

Nigeria’s public debt

Nigeria’s public debt profile hits N32.22trn As debt servicing costs N1.99trn in 9 months Revenue shortfalls, COVID-19 trigger aggressive borrowing Analysts’s fear comes true   Aggregate public debt stock in Nigeria has soared by N1.21 trillion in the third quarter of last year to hit N32.22 trillion amid revenue shortfalls. This is as the country spent almost N1.99 trillion on debt servicing payments from January to September 2020, the latest data obtained from the Debt Management Office (DMO) have shown. The debt stock is made up of the domestic and…

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Nigeria’s debt profile hits N31.01trn; surges by N18.89trn under Buhari

debt profile

FG holds 81.52% of nation’s total public debt Lagos, Rivers, Akwa Ibom top other states External debt at N11.36trn or 36.65% Domestics debt at N19.65rtn or 63.35% __________________________ Nigeria’s public debt profile hit a total of N31.01tn at the end of June, the Debt Management Office announced on Wednesday. This means that in the last five years under President Mu hammadu Buhari, the country’s debt rose by N18.89tn. As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at…

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