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

    Disambiguating Jurisdictional Boundaries of Federal and State Governments in Electricity Regulation

    By Emmanuel Ukera, Esq The enactment of the Constitution of the Federal Republic of Nigeria...

    Akon’s 29-year marriage heading for crash

    Akon, is set to lose his 29-year-old marriage after his wife, Tomeka Thiam, filed...

    Clarion Chukwurah blasts those spreading falsehood about her

    Veteran Nollywood actress Clarion Chukwurah has called out those who use online media to...

    Sound Sultan’s death made me lose interest in music – Seyi Shay

    Nigerian singer and songwriter Deborah Oluwaseyi Joshua, popularly known as Seyi Shay, has opened...

    More like this

    Disambiguating Jurisdictional Boundaries of Federal and State Governments in Electricity Regulation

    By Emmanuel Ukera, Esq The enactment of the Constitution of the Federal Republic of Nigeria...

    Akon’s 29-year marriage heading for crash

    Akon, is set to lose his 29-year-old marriage after his wife, Tomeka Thiam, filed...

    Clarion Chukwurah blasts those spreading falsehood about her

    Veteran Nollywood actress Clarion Chukwurah has called out those who use online media to...