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Economy

Nigeria Clears $560m Debt Payment with China, India, IMF, Others in 2024

Nigeria made significant strides in debt repayment, clearing $560 million owed to various nations and organizations in January 2024, marking a 339% increase from the previous year’s expenditure.

Analysis by the Central Bank of Nigeria revealed this substantial payment, amid reports indicating Nigeria’s public debt reached N87.91 trillion by September 2023.

The Federal Government’s commitment to servicing external debt is evident, with January witnessing a notable surge in expenditure compared to January 2023, where only $112 million was allocated.

Last year’s debt servicing amounted to $3.5 billion, signifying a substantial increase from 2021’s $2.4 billion expenditure.

The dynamic patterns of debt servicing throughout 2023 underscore the economic landscape’s fluctuations, with peaks and troughs observed monthly.

July marks a significant peak, surpassing $641 million, while June shows a notable adjustment at $54 million. August sees a sharp decline to $310 million, followed by a rise to $439 million in September.

At the close of the year, adjustments reach $65 million, leading to a noticeable decrease towards the end of 2023. January 2024 witnesses another substantial peak at $560 million.

A recent report citing data from the Debt Management Office (DMO) reveals Nigeria’s total public debt at N87.91 trillion as of September 2023. This increase in debt occurs four months after President Tinubu and 18 new governors assumed office in May 2023.

Nigeria Set to Claim 4th Spot as Africa’s Largest Economy in 2024 – IMF

World Bank Warns FG Not to Reverse Current Economic Reforms

The Spectacles

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