Nigeria spent about $1.12 billion on foreign debt service payments in the first quarter of 2024.
This is according to data from the Central Bank of Nigeria (CBN).
The data showed that Nigeria started 2024 with a significant debt servicing obligation of $560.52 million in January, an amount that exceeds the entire debt servicing expenditure of January 2023 ($112.35 million) by nearly five times.
In February 2024, the debt servicing payments were $283.22, while that of March was $276.17 million.
The data further showed that Nigeria spent about 70 per cent of its dollar payments to service external debts between January and March 2024.
while the country recorded a total of $1.61 billion outflows during this period, $1.12 billion was used for servicing external debt.
