The Central Bank of Nigeria’s most recent statistics shows that for the first five months of this year, the country’s debt service costs totaled approximately N2.2 billion.
This represents over half of the $4.8 billion Fitch Ratings estimated for the full year in a report predicting Nigeria’s external debt servicing to increase to $5.2 billion from $400 million the following year.
Furthermore, this is true even though the administration says it is concentrating more on borrowing from the home market.
The FG paid the greatest amount in a single month of the previous year, $854.36 million, for debt financing in May, according to the CBN International Payments Data.
