NewStats: 3,263,816 , 8,181,492 topics. Date: Sunday, 08 June 2025 at 04:52 AM 1x4s6b

A SaharaReporters' review of the Central Bank of Nigeria international payments system data has shown the country paid $3.5 billion (N5trillion) for foreign debt servicing between January and September 2024.

The data reviewed shows that debt servicing gulped $560.5 million in January, 2024.

According to exchange rate data, dollar exchanged for N909, this means that the country paid N509.511 billion in January for debt servicing .

In February, external debt servicing gulped $283.3 million, historical data shows that dollar exchanged at an average of N1402 in February.

This would mean that the country paid N397.186 billion for foreign debt servicing.

In March, the country spent $276.1 million on debt servicing, dollar to naira exchange rate stood at N1512 . This would mean that the country spent N417.463 billion on debt servicing.

Also in April, debt servicing cost stood at $215.2 million. Average exchange rate in April stood at N1225.

This would mean that in naira rate, the country paid N263.620 billion for foreign debt servicing.

In May, foreign debt servicing cost $854.365 million. Average exchange rate stood at N1424 in May. The naira conversion of the payment stands at N1.216 trillion.

In June, foreign debt servicing stood at $50.8 million. Average dollar to naira exchange rate stood at N1492. It would mean that the naira conversion stood at N75.793 billion.

In July, the country paid $542.5 million for foreign debt servicing.

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

This means that the country paid N850.6 billion for foreign debt servicing.

In August, the country spent $279.954 million for external debt servicing. Dollar to naira exchange rate stood at an average of N1588 in August.

This would mean that external debt servicing cost N444.566 billion in August, 2024.

As of September 2024, external debt servicing stood at $515.8 million. The dollar to naira average exchange rate stood at N1625, this would mean that the country spent N838.175 billion on debt servicing.

In total, it would mean that in total the country spent N5 trillion on foreign debt servicing between January and September, 2024.

There have been concerns on how Nigeria spends heavily on debt servicing and its impact on development in the country.

https://saharareporters.com/2024/11/13/nigerias-foreign-debt-servicing-under-tinubu-gulps-n5trillion-only-nine-months

This is a necessary evil that the istration must confront and manage.

Debt servicing is not debt payment una no dey hear. Keep on borrow money while killing your citizens with neck constricting taxes and asking for senseless prayers over your satanic policies.

All the payments were made by the previous istration.

Anither563:
This is a necessary evil that the istration must confront and manage.

Same clueless and rudderless istration that is thinks the solution to every economic challenge is the impulsive urge to go borrowing from IMF and other oppressive lenders?

This is the price we are paying for the irresponsibility of the past istrations.

trutharena:
All the payments were made by the previous istration.

tundegan:
The debt Tinubu inherited is massive. Thankfully, he's tackling the issue head-on. We will see the impact of this in the coming years.

All these NL bots sef. Not everyone is a moronic zombie.

The debt Tinubu inherited is massive.

Thankfully, he's tackling the issue head-on. We will see the impact of this in the coming years.

Tinubu is a CIA asset

No wonder his people where solidly ing Kamala

The amount spent on debt servicing is alarming.

Racoon:
Same clueless and rudderless istration that is thinks the solution to every economic challenge is the impulsive urge to go borrowing from IMF and other oppressive lenders?

Borrowing is not the issue... It's borrowing to do things that won't increase revenue

Imagine a civil servants who's father left him thousands of plot of land... Is using them as collateral to Take loans to buy houses for private residence, fly first class, buy cars

When you advice him he says you don't want him to enjoy life that can't you see other people buying them

That is the effect of the previous istration borrowing recklessly.

Tinubu is doing his best to stabilize the economy.

Nlfpmod, where is the money safed from subsidy.

Active CIA mole planted to destroy naija

Hmmmmm

No be this government just spend #5B for 26 cars for stats house?



Borrowing money to sepnd on frivolities...


It's like this politicians have a mission to ground this country

tundegan:
The debt Tinubu inherited is massive.

Thankfully, he's tackling the issue head-on. We will see the impact of this in the coming years.

Mugu

Nigerians got what they wanted in Tinibu.

One day na one day
Monkey go go market.....

If 97 percent of our revenue as said is used to service debt then what is left.

Everything you need to know about FILMORA 14 and rewards, video editing tutor

https://www.youtube.com/watch?v=aXtb51fbVTw

Imagine spending nine trillion Naira just to service debts. How much debt are we now owing if such humongous amount could be used for just servicing?

Tinubu is just a calamitious disaster and an arrogant failure.

Legendhero... Which STATISENSE statistics is this?

Eriggs... MANNA .. NLpolicewoman... Is IPOB the cause of your darling Daddy? I hope you have your APC rice and foodstuffs and healthcare and good roads.. and financial liquidity?

I hope you guys aren't shouting MANDATE on an empty stomach?

iwaeda:


https://saharareporters.com/2024/11/13/nigerias-foreign-debt-servicing-under-tinubu-gulps-n5trillion-only-nine-months

make una continue ooo

He's president to service debts. Putting Nigerians under d knife of IMF , World Bank etc.

They will simply reward Okonjo Iweala a 2nd term for having this foolish thief as Nigeria president

Boju Boju economics.

Anither563:
This is a necessary evil that the istration must confront and manage.

Robot. Explain the necessary evil and how the issue should be tackled

Very misleading headline to further confuse and rile up the hate-filled, ignorant and unpatriotic bigots.

Our debt service to revenue is now at the lowest in recent history. It is currently around 65% from 97% in the past. Thanks to Asiwaju Tinubu.

Nigeria is progressively clearing the heavy laden debts and it is getting better and better. Our forex reserve is increasing on a daily basis and the era of borrowing to subsidize petrol is gone!

May God bless Nigeria for ever! Check my signature for free stuffs!

FreeStuffsNG:
Very misleading headline. Our debt service to revenue is now at the lowest in recent history. Thanks to Asiwaju Tinubu

Show the statistics

Anither563:
This is a necessary evil that the istration must confront and manage.

you mean the two guys sharing the same money

Good

The same Batists above who defended the previous istration, defended every policy of the istration, told us Buhari's government was the best thing after sliced bread and butter, are still the ones now telling us the damage done to the economy by the same previous istration they defended, just to distract Nigerians from the Bolekaja economic policies we are currently experiencing.

Una nor dey tire to peddle propaganda?

In a bid to suppress the IGBOs the North ed a Yoruba man that they feel is their friend.

TINUBU really exposed the Yoruba tribe.

Nobody will ever equate Yoruba with efficiency and hardwork.

Anyway Ango Abfullahi is crying now...

The NORTH is tired and everywhere RONU disciples are still pushing propaganda against IGBOs to gain favour

Now the NORTH wants Dissolution of NIGERIA, will Yoruba keep pushing propaganda?

RONU..

iwaeda:


https://saharareporters.com/2024/11/13/nigerias-foreign-debt-servicing-under-tinubu-gulps-n5trillion-only-nine-months

It is like this apc govt are there to test Nigerian citizens elastic limit, it turns out that our elastic limit is Infinity.