BREAKING NEWS: Nigeria Government Under Bola Tinubu Finally And Successfully Repays China, World Bank, Others $1.17bn Loan, Still Owing more

 CBN data reveals $1.17 billion was spent by the federal government to service foreign debt in Nigeria in the first half of 2023

The data also shows that $951.99 million was spent in direct remittances between January to June

FG has declared that it had no intention of borrowing money from any domestic or international institutions.

The federal government paid $1.17 billion to service foreign debt commitments in the first half of 2023.

This was revealed in the Export and International Payment data released by the Central Bank of Nigeria (CBN).

earlier reported that the Nigerian government spent over 85% of its revenue servicing debt in February 2023.

President Bola Tinubu has vowed to break Nigeria's over-reliance on borrowing for public spending. He promised to end the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues.

FG's spending on debt for six months

The CBN data shows that the federal government spent $112.35 million on paying down its foreign loans in January 2023.

The government spending was $288.5 million in February, followed by $400.5 million in March. A significant $92.8 million expense was made in April.

Also, $221 million was spent on fulfilling these obligations as of May. The month of June saw a debt servicing cost of $54.3 million.

According to data by the Debt Management Office, Nigeria's major lenders include China, the World Bank, African Development Bank, Islamic Development Bank, Japan, France and others.

Remittance for the period

An examination of the data revealed that $951.99 million in direct remittances were made in total during the first half of 2023.

According to the data, January's total came to $79.2 million, while February's total came to $83.76 million. A substantial amount of $138.6 million was tallied in March, and then $159.04 million was transferred in April.