Nigeria Spent N863.14 Billion On Domestic Debt Servicing In 6 Months- DMO

The Federal Government has spent  N863.14 Billion  on domestic debt servicing in six months.

The debt servicing covers the months of October to December 2019 and January to March 2020.

This was disclosed in data provided by the Debt Management Office (DMO).  

According to the DMO, the country’s domestic debt as of March 21 was N18.64 trillion ($51.64 billion), which represents 65% of the country’s total debt stock of N28.6 trillion ($79.3 billion).

DMO revealed that between October to December 2019, the country had already spent N254 billion on its domestic debt servicing obligation.

Also, In the first three months of 2020, the FG  committed N609.1 billion 2020 to debt servicing, an amount which added up to N863.14 billion in the six months under review.

The components of the domestic debts are the Nigerian Treasury Bills (NTBs), FGN Bonds, FGN Savings Bond, SUKUK, Treasury bonds and FGN Green Bonds.

Breakdown of the debt servicing revealed that a total of N111.6 billion was spent on interest repayment for the NTBs between January to December 2020, while N81.1 billion was spent between October to December of 2019.

FG paid N488.9 billion and N159.6 billion on interests on the FGN Bonds,  between January to March 2020 and October to November 2019, respectively.

Interest paid on FGN Savings Bonds were  N392.79 billion and N343.5 billion in the first three months of 2020 and between October to December 2019, respectively.

Also, the FG spent N8.2 billion to service SUKUK Rentals in March alone, while it also committed N7.89 billion in the December of 2019 to service SUKUK.

The data further revealed that the country spent N3.24 billion on paying interest on  Treasury Bonds between October 2019.

Similarly, the government also spent N1.9 billion on interest repayment of the FGN Green Bond in December 2019.