The federal government has spent over $817 million to service the country’s debt, according to data from the Central Bank of Nigeria, CBN. The figure is for the first two months of this year, and lower than the $843 million government spent in the same period in the comparing year 2024.
According to the apex bank data, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.
Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.
Figures released by the Debt Management Office,DMO, showed that Nigeria’s total public debt as of September 2024 stood at over N142 trillion.
The figure rose sharply by N6 trillion from over N134 trillion in June the same year.
Not a few Nigerians have criticized the rising appetite of the Nigerian government for foreign loan, amid fears that the future of the country is being mortgage.
Amid the criticism, the incumbent Tinubu’s administration has recently unveiled plans to obtain more loans from foreign creditors such as the World Bank.
In February, the World Bank revealed that it will extend credit worth over $2.2 billion to the federal government for the execution of projects across the six geo-political zones in the country.
According to the Bretton Wood, Uniter States of America-based organisation, about $500 million will be set aside for the ‘Community Action (for) Resilience and Economic Stimulus Programme.’
Also, the sum of $300 million will be approved for the ‘Solutions for the Internally Displaced and Host Communities Project.’ The approval for this fund will happen on July 15. Also, another $300 million will be approved for Nigeria to strengthen the health sector. It is tagged, ‘Health Security Program,’ and will be approved on August 19.
Furthermore, the World Bank said it will release about $500 million for ‘Building Resilient Digital Infrastructure for Growth, BRIDGE, on September 15.
Recalls that Nigeria got $1.7 billion from the World Bank in 2024 for a number of projects.
According to the World Bank’s project list, the loan was targeted at improving Nigeria’s healthcare, agriculture, and infrastructure while driving its economic stability and resource mobilisation capacity.
Under the scheme, the World Bank approved $500 million for ‘Nigeria: Primary Healthcare Provision Strengthening Programme.’
Another $500 million was granted to Nigeria for a project tagged, ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance,’ with a project cost of $700 million.
The third project, tagged, ‘ Sustainable Power and Irrigation for Nigeria,’ a $500 million project, was also granted to Nigeria.
Discover more from The Source
Subscribe to get the latest posts sent to your email.
