Data from the Central Bank of Nigeria (CBN) reveals the country spent approximately $854 million on debt servicing in May, the highest amount spent in one month since the previous high of $4.43 billion in February 2020.
The latest data mean the country, have so far, spent $2.19 billion on debt servicing this year:
January – $560 million.
February – $283 million.
March – $276 million.
April – $215 million.
May – $854 million.
Compared to 2023;
January – $112 million.
February – $288 million.
March – $400 million.
April- $93 million.
May – $221 million.
A total of $915 million.
Nigeria’s debt profile continues to be a major source of economic concern for stakeholders who say the country’s debt profile is not sustainable, long term.
