Nigeria successfully repays China, India and Germany $1.81bn, services CBN loans with N912BN
The Nigerian Government paid interest on its external debts by about $1.81 billion in the first seven months of 2023. The breakdown of the external debt servicing shows that the amount increased over time in the last seven months. June and July witnessed the highest amount spent on debt servicing within the period.
New Data from the Central Bank of Nigeria (CBN) has shown that the Nigerian Government has allocated a significant $1.81 billion to service foreign debts during the first seven months of 2023. An analysis of the amount shows that in January 2023, the Nigerian Government set aside $112.35 million to service foreign debt. February saw a higher debt servicing of $288.5 million, while March witnessed a substantial expense of $400.5 million. External debt, CBN, debt servicing President Bola Tinubu’s government spent more on debt service in two months
A breakdown shows Tinubu’s government spent the most on debt servicing Read also Full list: Delta, Imo, 26 other Nigerian states with zero foreign investments in 2023.
The Federal Government spent $92.8 million in April, revealing careful financial management practices. In May, the Nigerian Government serviced external debts with $221 million.
June saw an exponential increase in the amount used in debt servicing at $543 million, while July experienced another increase to $642 million, marking the highest figure in 14 months. A further breakdown reveals that the total direct diaspora remittances from January to July this year amounted to $1.9 billion. ThisDay reports that the diaspora inflow is critical in balancing Nigeria’s external financial obligations. Nigeria witnesses increased diaspora remittance.
The breakdown of the diaspora remittances shows that in January, direct remittances accounted for $79.2 million, showing a constant financial inflow. In February, Nigerians abroad sent home about $83.76 million, showing finan
