In 2022, the Nigerian government spent N3.63 trillion servicing its external and domestic debts.
This is based on information obtained from the Debt Management Office (DMO)
Nigeria has spent $14.37 billion in eight years under President Muhammadu Buhari’s administration to settle International Monetary Fund (IMF) and other foreign debt obligations.
However, data show that Nigeria’s external debt service, which cost $2.40 billion, amounted to N1.07 trillion using the exchange rate of N448.08 used to pay off the debt.
While the total domestic debt service for the year stood at N2.56 trillion, with the monthly breakdown revealing that the highest debt servicing expenditure was in April, where N529.88 billion was spent.
The breakdown of the domestic debt service for the year is as follows: January – N188.36 billion, February – N103.88 billion, March – N376.44 billion, April – N529.88 billion, May – N66.97 billion, June – N67.88 billion, July – N248.72 billion, August – N152.44 billion, September – N419.42 billion, October – N302.42 billion, November – N57.24 billion, December – N47.11 billion.
However, Nigeria’s current total public debt stock is N46.25 trillion as of December 31, 2022, however, this excludes the N22 trillion indebtedness to the Central Bank of Nigeria (CBN), through Ways and Means advances.
The total domestic debt stock stands at N27.55 trillion (61.42 billion USD), while the entire external debt stock was N18.70 trillion (USD 41.69 billion).
