The latest data obtained from the Debt Management Office have shown that Nigeria spent N445.4bn on debt servicing payments in the second quarter of this year, From April to June 2021.

It further revealed that Nigeria spent N322.7bn on domestic debt servicing, while $299m (N122.7bn) was spent on external debt servicing.

The exchange rate of the Central Bank of Nigeria ($1 is N410.3) as of September 30 was used for the external debt servicing.

Nigeria spent N258bn in April, N42.4bn in May, and N22.3bn in June on domestic debt.

According to the breakdown of the statistics, the Federal Government spent a total of N322.7bn on the payment of interest, with N50.3bn expended on the redemption of matured Nigeria Treasury Bills between April and June 2021.

For external debt servicing, commercial loans had 53 percent with a cost of $157,012.17, multilateral had 35 percent with a cost of $103,732.70, and bilateral had 13 percent with a cost of $38,220.88.

Meanwhile,  DMO’s Director-General, Patience Oniha, had disclosed that Nigeria’s total public debt stock rose from N33.11tn as of March 31, 2021, to N35.47tn as of June 30, 2021. This is an increase of N2.36tn or 7.13 percent increase within the three-month period.

The total external debt stock rose from N12.47tn as of March 31 to N13.71tn as of June 30, indicating an increase of N1.24tn or 9.94 percent.

The total domestic debt stock has now risen from N20.64tn as of March 31 to N21.75tn as of June 30, indicating an increase of N1.11tn or 5.38 percent.

At the end of Q2 2021, external debt stock made up 38.66 percent while domestic debt stock made up 61.34 per cent of the total public debt stock.

The debt to Gross Domestic Product ratio rose from 21.13 percent to 21.92 percent within the second quarter.

A breakdown of external debt stock at the end of the second quarter showed that multilateral debt (from World Bank Group and African Development Group) led the list of Nigeria’s creditors with a share of 54.88 percent.

The second highest was commercial debt (from Eurobonds and Diaspora Bonds) with a share of 31.88 percent.

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