Debt servicing gulps N2.34tn in six months – DMO (punchng.com)

In six months, a total of N2.34tn was spent on servicing the country’s debt.

Nigeria’s debt servicing spending slowed to N849.58bn in the second quarter of 2023, findings by The PUNCH have shown.

In its 2022 Debt Sustainability Analysis Report, the DMO warned that the Federal Government’s projected revenue of N10tn for 2023 could not support fresh borrowings.

The World Bank also projected that debt servicing would gulp 123.4 per cent of the Federal Government’s revenue in 2023.

This was a decrease by 43.04 per cent compared to N1.49tn, which was spent in Q1 2023 on servicing debt.

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