Nigerian states spend 123% more on servicing external debt in four months
Nigerian states have witnessed a significant surge in their external debt servicing obligations, marking a 123% increase in the first four months of 2024 compared to the same period in 2023.
According to an analysis of Federal Account Allocation Committee (FAAC) data from the National Bureau of Statistics (NBS), total external debt service payments for January to April 2024 reached N96.52 billion, a substantial rise from N43.31 billion in the corresponding period of the previous year.
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In 2023, external debt servicing costs amounted to N120.01 billion, reflecting a 54% increase from the N78 billion deducted in 2022. Notably, 80.4% of what was spent on servicing external debt in 2023 has already been expended in the first four months of 2024, which is 124% more than the total for 2022.
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https://nairametrics.com/2024/07/01/nigerian-states-spend-123-more-on-servicing-external-debt-in-four-months/
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