Nigeria expended a sum of N1.47tn on debt servicing payments in the first half of 2021, data obtained from the Debt Management Office have shown.
In the first quarter of the year, the country spent N1.02tn on both domestic and external debt servicing, while a total of N445.45bn was spent in the second quarter of 2021.
From January to March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N410.33bn) on external debt servicing.
From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing and $299m (N122.7bn) on external debt servicing.
In Q1, the government focused on principal repayments, while in Q2, the government focused on interest payments.
A breakdown of the statistics in Q2 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.
