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Nigeria spent $817.4 million (approximately N1.26 trillion) on debt servicing in the first two months of 2025.
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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).
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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.
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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.
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