Nigeria disburses $1.09 Bln To Service Debt Stock In 9-Month~CBN

Nigeria spent $1.09 billion on debt servicing in the first nine months of this year, compared with $1.28 billion spent in the corresponding period of last year, a new report by the Central Bank of Nigeria (CBN) has shown.

The international payment data by the CBN showed that the debt service expenses are mainly on the federal government debt stock, while states manage their own debt servicing.
A breakdown of the spent showed that in the first quarter of 2019, a total of $354.6 million was spent to service debts, while $252.3 million was expended in the second quarter.
The CBN further disclosed that a total of $485.8 million was spent to service debts in the third quarter of 2019.
A month-on-month breakdown showed that the CBN in January disbursed $65.4 million to service debts; it increased by 196 percent to $193.4 million in February; and dropped to $95.75 million in March.
In April, the CBN disclosed that a $44.1m was spent on debt service; it moved to $189.67m in May, the second-highest amount spent on debt service by the apex bank in one month.
In June, the amount disbursed for debt servicing dropped to $18.57 million; in July, it rose to $126 million.
In August and September, the figures reported by the CBN were $199.8 million and $160 million, respectively.
The data by the CBN also showed that in 2018, a total of N451.7 billion or $1.47 billion was spent on debt service.
The apex bank in its financial stability report explained that the consolidated domestic debt stock of the Federal Government in December 2018 was N12.44 trillion.
According to the CBN, the amount reflected an increase of 2.40 percent over the N12.15 trillion recorded at end-June 2018.