{"id":90874,"date":"2023-06-26T11:20:35","date_gmt":"2023-06-26T10:20:35","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023"},"modified":"2023-06-26T13:46:37","modified_gmt":"2023-06-26T12:46:37","slug":"nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023","title":{"rendered":"Nigeria\u2019s debt servicing cost rose to 1.24trn in Q1 2023"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Amid worries about Nigeria\u2019s increasing debt burden, the country\u2019s debt servicing cost has risen by 55.71 per cent to N1.24 trillion in the First quarter of 2023.<\/p>\n

It stated that from January to March 2023, Nigeria spent N874.13bn on domestic debt servicing, while it spent $801.36m (N368.87bn) on external debt servicing, totalling N1.24 trillion.<\/p>\n

The exchange rate of the DMO, which was $1\/N460.3, was used for external debt servicing.<\/p>\n

In contrast, between October and December 2022, Nigeria spent N406.77bn on domestic debt servicing, while it spent $312.27m (N143.74bn) on external debt servicing, giving a total of N550.51bn.<\/p>\n

In DMO\u2019s 2022 Sustainability Report, the Office lamented that the Federal Government debt service to revenue ratio of 73.5 per cent for 2023 exceeded the recommended threshold of 50 per cent.<\/p>\n

Meanwhile, the International Monetary Fund, IMF, has said Nigeria is projected to spend 82 per cent of its revenue on debt servicing.<\/p>\n

Financial experts, Idakolo Gbolade and Muda Yusuf said Nigeria\u2019s debt service to revenue ratio is unsustainable.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Amid worries about Nigeria\u2019s increasing debt burden, the country\u2019s debt servicing cost has risen by 55.71 per cent to N1.24 trillion in the First quarter of 2023. It stated that from January to March 2023, Nigeria spent N874.13bn on domestic debt servicing, while it spent $801.36m (N368.87bn) on external debt servicing, totalling […]<\/p>\n","protected":false},"author":84,"featured_media":90872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,2321,254],"class_list":["post-90874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-dmo","tag-nigeria"],"yoast_head":"\nNigeria\u2019s debt servicing cost rose to 1.24trn in Q1 2023 - Nigeria<\/title>\n<meta name=\"description\" content=\"Amid worries about Nigeria\u2019s increasing debt burden, the country\u2019s debt servicing cost has risen by 55.71 per cent to N1 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s debt servicing cost rose to 1.24trn in Q1 2023\" \/>\n<meta property=\"og:description\" content=\"Amid worries about Nigeria\u2019s increasing debt burden, the country\u2019s debt servicing cost has risen by 55.71 per cent to N1 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-26T10:20:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-26T12:46:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1687767260.413241.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"919\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigeria\u2019s debt servicing cost rose to 1.24trn in Q1 2023\",\"datePublished\":\"2023-06-26T10:20:35+00:00\",\"dateModified\":\"2023-06-26T12:46:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023\"},\"wordCount\":188,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1687767260.413241.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"DMO\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-debt-servicing-cost-rose-to-1-24trn-in-q1-2023\",\"name\":\"Nigeria\u2019s debt servicing cost rose to 1.24trn in Q1 2023 - 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