NIGERIA’S monthly debt service rose by $31.46m in one month to $101.29m in January, figures obtained from the Central Bank of Nigeria have revealed.
This indicates a 45 per cent increase month-on-month.
The CBN disclosed in its data on debt service repayment that the government spent $69.83m on debt service repayment in December.
The data also showed that the government spent $148.57m and $85.23 on debt service repayment in November and October 2021 respectively.
The Debt Management Office had disclosed that Nigeria’s outstanding debt stood at N39.57tn or $95.78bn as of the end of December 2021.
It added that total external debt gulped 40.08 per cent, totalling N15.86tn or $38.39bn in the period under review.
The total public debt rose from N27.4tn or $80.05bn as of the end of December 2019 to N32.92tn or $86.4bn as of the end of December 2021