More
    HomeBusinessNigeria spent 3.57 billion dollars servicing foreign debt Jan- Sept 2024 -...

    Nigeria spent 3.57 billion dollars servicing foreign debt Jan- Sept 2024 – CBN

    Published on

    The Central Bank of Nigeria has revealed that Nigeria spent $3.57 billion servicing its foreign debt during the first nine months of 2024.

    This represents a 39.7% increase compared to $2.56 billion in the same period in 2023.

    The data, from the CBN’s international payment statistics, highlights significant fluctuations in monthly debt servicing costs. The highest payment in 2024 occurred in May, amounting to $854.36 million, marking a 286.5% increase from the $221.05 million recorded in May 2023. Other months showed varying trends, including a steep 389% rise in January 2024 compared to January 2023.

    Debt payments saw a decline in February and March 2024, but costs rose again in April. The pattern continued with fluctuations throughout the year, including a slight decrease in June and August but a notable 17.5% increase in September.
    CBN: Nigeria Spent $3.5bn to Service Foreign Debt in Nine Months

    The increase in foreign debt servicing comes as Nigeria’s overall public debt has been rising. According to the Debt Management Office (DMO), the country’s public debt reached N134 trillion in Q2 2024, a 10% rise from the previous quarter. External debt stood at N63.07 trillion ($42.90 billion) in June 2024.

    Despite these rising costs, President Bola Tinubu recently announced a reduction in Nigeria’s debt service-to-revenue ratio from 97% to 65%.

    Latest articles

    Good Governance Advocates Laud Aviation Minister Over Improved Global Rating

    The Good Governance Advocates of Nigeria (GGAN) has lauded  the Minister of Aviation and...

    Coalition Lauds Wike’s Milestone Achievements As FCT Minister

    ***Says False Allegations Targeted at Derailing Massive Progress The Coalition for Truth and Justice in...

    Navy frustrating fight against crude oil theft – Tompolo

    The Tantita Security Services Nigeria Limited (TSSNL) says the Nigerian Navy is frustrating the...

    Coalition Says NNPCL Sabotaging Nigeria’s Economy Through PMS Importation

    The Nigerian Coalition of Civil Society Organisations (NICOCSO) has accused the Nigerian National Petroleum...

    More like this

    Good Governance Advocates Laud Aviation Minister Over Improved Global Rating

    The Good Governance Advocates of Nigeria (GGAN) has lauded  the Minister of Aviation and...

    Coalition Lauds Wike’s Milestone Achievements As FCT Minister

    ***Says False Allegations Targeted at Derailing Massive Progress The Coalition for Truth and Justice in...

    Navy frustrating fight against crude oil theft – Tompolo

    The Tantita Security Services Nigeria Limited (TSSNL) says the Nigerian Navy is frustrating the...