DMO: Nigeria Spent $1.302bn on Debt Servicing in 6 months

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Latest data made available by the Debt Management Office (DMO) has revealed that Nigeria spent $1.302 billion on debt servicing between January and June this year dropping by $704.44 million in the second quarter of the year.

Between January and March this year, the country had paid out $1.003 billion in debt service but the figure dropped to $298.96 million between April and June this year.

The debt servicing payment for the second quarter of the year is much lower than $1.003 billion, which the country had paid in the first three months of the year.

According to data by the debt office, payments on commercial debts accounted for 53 per cent while multilateral and bilateral obligations accounted for 35 and 13 per cent respectively.

The country had paid out a total of $157.012 million on Eurobond debts while $38.22 million had been paid on bilateral loans and another $103.73 million had been paid on multilateral obligations. Of the multilateral payments, the county had remitted $75.57 million to the International Development Association (IDA), which is an arm of the World Bank.

Another $16.83 million was also paid to Asian Development Bank (ADB), while on the bilateral side, $24.75 million was paid out to service the country’s obligations with French Development Agency (AFD). Also, the country paid out $12.99 million to German state-owned investment and development bank, KfW Group.

For the commercial loans, a total of $148.57 million had been paid out to investors with $57.187 million paid on the 7.625% Eurobond 2047, $48.750million paid on the 6.5% Eurobond 2027 and $42.637 million paid on the 7.625 Eurobond 2025 papers.

In the first quarter of the year, Eurobonds had accounted for 76 per cent of the external debt servicing payment with $763.036 million while multilateral payments culminated to 13 per cent of the total figure at $134.044 million. Debt service payments to bilateral organisations in the first three months of the year totalled $106.329 million accounting for 11 per cent of the total payment.

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