Nigeria’s debt service hits $101m in January – CBN
The Central Bank of Nigeria (CBN) revealed that the country’s monthly debt service rose by $31.46 million in one month to $101.29 million in January 2022.
According to published debt service repayment data, the apex bank said the figures point to a 45% increase month-on-month.
The data showed that the government spent $148.57 million and $85.23 on debt service repayments in November and October 2021 respectively.
The apex bank also added that the government spent $69.83 million on debt service repayments in December.
The Debt Management Office had disclosed that Nigeria’s outstanding debt stood at N39.57 billion or $95.78 billion at the end of December 2021.
He added that total external debt had gobbled up 40.08%, totaling N15.86 billion or $38.39 billion during the reporting period.
Total government debt fell from 27.4 billion naira or $80.05 billion at the end of December 2019 to 32.92 billion naira or $86.4 billion at the end of December 2021.
Meanwhile, the CBN showed how the price of fuel at the pump has increased by 91% in six years under the government led by Muhammadu Buhari.
From December 2015 to December 2021, the cost of the fuel pump fell from N87 per liter to N165.77, according to data released by apex bank.
Following the introduction of the price modulation system by the federal government in 2016, the Nigerian National Petroleum Corporation (NNPC) became the country’s only oil importer.
The value of crude oil in the international market rose a few months after the increase in May 2016, but the value of the Nigerian currency rose to around 500 naira/dollar from around 197 naira.