Nigeria Spends N5trn On Foreign Debt Servicing in Nine Months

A review of the Nigerian Central Bank’s international payment system data by Sahara Reporters shows that the country paid N5Trillion for external debt repayment between January and September 2024.

The reviewed data shows that in January 2024 debt repayment swallowed N5million.

According to the exchange rate data, the dollar was exchanged for N909, which means that the country paid N509.511 billion a month for debt repayment.

In May, the foreign debt service gulped $283.3 million, historical data show that the dollar exchanged at an average of N1402 in March.

This means that the country paid N397.186 billion for the repayment of external debt.

In May, the country spent spent 276.1 million dollars on debt repayment, and the dollar to the Naira exchange rate stood at N1512. This means that the country spent N417.463 billion on debt repayment.

Also in May, debt repayment costs stood at stood $215.2 million. The average exchange rate for the month stood at N1225.

This means that, at the Naira rate, the country paid N263.620 billion for the repayment of external debt.

In May, the external debt service cost 854.365 million dollars. The average exchange rate stood at N1424 in March. Naira conversion of payments stands at N1.216 trillion.

In May, the external debt service stood at stood $50.8 million. The average dollar exchange rate to the Naira stood at N1492. This means that the Naira conversion stood at N75.793 billion n.

On May 7, the country paid $542.5 million for foreign debt repayment.

The naira exchange rate of the dollar stood at an average rate of N1568 in March.

This means that the country paid N850.6 billion for the repayment of external debt.

In August 2024, the country spent spent $279.954 million for external debt services. The exchange rate of the dollar to the Naira stood at an average of N1588 in May.

This means that the cost of foreign debt repayment in August will be N445 billion.

As of September 2024, the amount of external debt repayments has reached 515.8 million dollars. The dollar to the average exchange rate of Naira stood at N1625, which means that the country spent N838.175 billion on debt repayment.

In total, it means that between January 2024 and September, 2024, Nigeria spent N5trillion in total on external debt repayment.

There were concerns about how Nigeria is spending heavily on debt repayment and its impact on the country’s development.