Home Business Nigeria Spends $817.4m on Debt Servicing in Q1 2025
Business

Nigeria Spends $817.4m on Debt Servicing in Q1 2025

Share
Nigeria Spends $817.4m on Debt Servicing in Q1 2025 | Daily Report Nigeria
Share
  • Nigeria spent $817.4 million (approximately N1.26 trillion) on debt servicing in the first two months of 2025.

  • This represents a 3.12% decline compared to the same period in 2024, according to data from the Central Bank of Nigeria.

    The country’s foreign trade in Letters of Credit payments also fell by 0.55% Year-on-Year to $160 million in the first two months of 2025.

Nigeria spent $817.4 million (approximately N1.26 trillion) on debt servicing in the first two months of 2025, representing a 3.12% decline compared to the same period in 2024.

According to data from the Central Bank of Nigeria’s International Payments Report, the government spent $540.7 million in January 2025 and $276.7 million in February 2025 on debt servicing.

The country’s total debt service payments for 2024 stood at $3.81 billion (about N5.9 trillion).

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

This comes as the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89% increase from the N35.05 trillion budgeted in 2024.

READ ALSO: IPU to Investigate Suspension of Nigerian Senator Akpoti-Uduaghan

President Bola Tinubu described the budget as the “Budget of Restoration,” aimed at stabilizing the economy and driving growth.

The budget allocates N16.3 trillion for debt servicing, a 95% increase from N8.25 trillion budgeted in 2024.

Additionally, Nigeria’s foreign trade in Letters of Credit payments fell by 0.55% Year-on-Year to $160 million in the first two months of 2025.

Nigeria’s Amaju Pinnick Misses FIFA Seat as Kanizat Ibrahim Wins Women’s Slot

Amaju Melvin Pinnick, the former president of the Nigeria Football Federation (NFF), has narrowly lost his bid for re-election to the FIFA Council, missing out by just one vote during the 14th CAF Extraordinary Congress held in Cairo, Egypt, on March 12, 2025.

Pinnick, who initially secured his seat in 2021, garnered 28 votes, falling just short of Mauritania’s Ahmed Yahya and Djibouti’s Souleiman Hassan Waberi, who both secured 29 votes—the minimum required to claim a spot in FIFA’s highest decision-making body.

Continue Reading Here

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
PETROAN Lauds NMDPRA Over Gas Distribution Licences
Business

Ban on Foreign Goods: PETROAN Warns of Fuel Price Hikes, Shortages

The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has cautioned President...

Dangote refinery
Business

Dangote Reveals True Obstacles to His $20bn Refinery’s Success

Aliko Dangote clarifies that major oil marketers and traders, not the new...

Nigeria Reclaims First Position as Africa’s Top Crude Oil Producer
Business

Nigeria’s Economic Woes Deepen as Oil Prices Plummet to $60

Crude oil prices have fallen below $60 per barrel, raising concerns about...

FG approves National Integrated Electricity Policy to transform power sector | Daily Report Nigeria
Business

FG approves National Integrated Electricity Policy to transform power sector

The Federal Government has approved the National Integrated Electricity Policy (NIEP) to...