DMO: N445bn spent on debt servicing in Q2, debts hit N35tn

A sum of N445.4bn was spent on debt servicing payments in the second quarter of this year, according to data obtained from the Debt Management Office.

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

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

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.

The DMO’s Director General, Patience Oniha, had earlier revealed 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 shows an increase of N2.36tn or 7.13 per cent 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 per cent.

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.

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.

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

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