These monies are different from the amounts spent on the Subnational level for debt servicing by the 36 state governments.
A SaharaReporters review of data from the Debt Management Office has shown that the Nigerian government spent the sum of $1.255 billion on external debt servicing between 2019 and 2023.
These monies are different from the amounts spent on the Subnational level for debt servicing by the 36 state governments.
In the same vein, the Nigerian government spent N12.2 trillion on domestic debt service between 2019 and 2023.
In 2023 alone, $943 million was spent on external debt servicing while the sum of $312 million was spent in 2022. In 2021, it gulped $286,000 while $289,000 was the figure for 2020.
In 2019, $250,000 was spent.
On the domestic end, N4.3 trillion was the figure for debt servicing in 2023.
In 2022, the debt service figure stood at N2.560 trillion while in 2021 it cost the federal government N2.051 trillion.
The 2020 figure stood at N1.854 trillion, while the sum of N1.686 trillion was spent in 2019.
There have been concerns over the debt servicing figures of Nigeria.
State governments aside, the federal government has also been spending billions servicing debts. Despite this, Nigeria continues to rely heavily on loans, which further raises the amount of money needed to service debts.