{"id":52648,"date":"2021-10-01T10:40:43","date_gmt":"2021-10-01T09:40:43","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=52648"},"modified":"2021-10-01T10:40:43","modified_gmt":"2021-10-01T09:40:43","slug":"nigeria-spent-n445bn-on-debt-servicing-in-q2-debts-hit-n35tn-dmo","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-spent-n445bn-on-debt-servicing-in-q2-debts-hit-n35tn-dmo\/","title":{"rendered":"Nigeria Spent N445bn On Debt Servicing In Q2, Debts Hit N35tn \u2013 DMO"},"content":{"rendered":"

Nigeria spent N445.4bn on debt servicing payments in the second quarter of this year, the latest data obtained from the Debt Management Office have shown.<\/p>\n

From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing, while $299m (N122.7bn) was spent on external debt servicing.<\/p>\n

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

For domestic debt, Nigeria spent N258bn in April, N42.4bn in May, and N22.3bn in June.<\/p>\n

A breakdown of the statistics shows that 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.<\/p>\n

For external debt servicing, commercial loans had 53 per cent with a cost of $157,012.17, multilaterals had 35 per cent with a cost of $103,732.70, and bilateral had 13 per cent with a cost of $38,220.88.<\/p>\n

Earlier, DMO\u2019s Director General, Patience Oniha, had disclosed that the Nigeria\u2019s total public debt stock rose from N33.11tn as of March 31, 2021 to N35.47tn as of June 30, 2021.<\/p>\n

This shows an increase of N2.36tn or 7.13 per cent increase within the three-month period.<\/p>\n

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 per cent.<\/p>\n

The total domestic debt stock rose from N20.64tn as of March 31 to N21.75tn as of June 30, indicating an increase of N1.11tn or 5.38 per cent.<\/p>\n

At the end of Q2 2021, external debt stock made up 38.66 per cent while domestic debt stock made up 61.34 per cent of the total public debt stock.<\/p>\n

The debt to Gross Domestic Product ratio rose from 21.13 per cent to 21.92 per cent within the second quarter.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

At the end of the second quarter, a breakdown of external debt stock showed that multilateral debt (from World Bank Group and African Development Group) led the list of Nigeria\u2019s creditors with a share of 54.88 per cent.<\/p>\n

The second highest was commercial debt (from Eurobonds and Diaspora Bonds) with a share of 31.88 per cent.<\/p>\n

It was followed by bilateral debts (from China, France, Japan, India and Germany) with a share of 12.70 per cent.<\/p>\n

Promissory Notes had a share of 0.54 per cent.<\/p>\n

PwC Nigeria said in a recent report that the increasing cost of servicing debt continued to weigh on the Federal Government\u2019s revenue profile.<\/p>\n

It said, \u201cActual debt servicing cost in 2020 stood at N3.27tn and represented about 10 per cent over the budgeted amount of N2.95tn.<\/p>\n

\u201cThis puts the debt-to-revenue ratio at approximately 83 per cent, nearly double the 46 per cent that was budgeted.<\/p>\n

\u201cThis implies that about N83 out of every N100 the Federal Government earned was used to settle interest payments for outstanding domestic and foreign debts within the reference period.\u201d<\/p>\n

It added that in 2021, the FG planned to spend N3.32tn to service its outstanding debt.<\/p>\n

This is higher than the N2.95tn budgeted in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria spent N445.4bn on debt servicing payments in the second quarter of this year, the latest data obtained from the Debt Management Office have shown.<\/p>\n","protected":false},"author":6,"featured_media":52649,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[812],"coauthors":[2391],"class_list":["post-52648","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-dmo"],"yoast_head":"\nNigeria Spent N445bn On Debt Servicing In Q2, Debts Hit N35tn \u2013 DMO - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-spent-n445bn-on-debt-servicing-in-q2-debts-hit-n35tn-dmo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Spent N445bn On Debt Servicing In Q2, Debts Hit N35tn \u2013 DMO - 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