Nigeria now spends $112m on debt servicing monthly

Figures from the Central Bank of Nigeria (CBN), indicate that the federal government spent $112.35m servicing external debt in January 2023.

Data from the apex bank’s Weekly International Payments showed that the amount spent in January was 146.17 per cent higher than the $45.64m spent in December 2022.

This occurred as the Federal Government struggled to boost its revenue base despite its revenue generation efforts.