Nigeria Spent N1.094trillion On Debt Servicing In 2016

The Minister of State for Budget and National Planning, Zainab Ahmed, on Tuesday said Nigeria spent N1.094 trillion on debt servicing between January and September 2016.

She gave the statistics while presenting the draft 2016 budget implementation and performance monitoring report for the third quarter at the Banquet Hall of the State House, Abuja

The figure included N1.044 trillion for local debt servicing and N50.22 billion for external debt servicing.

External debt stock stood at $11.583 billion representing an increase of $320.70 billion (or 2.85 per cent) from external debt stock in the second quarter of 2016 and an increase of $965.24 billion (or 9.09 per cent) over the $10.618 billion documented in the third quarter of 2015.

The minister said, “The increase in the external debt stock in the third quarter of 2016 was due largely to the rise in Non-Paris Club Bilateral Debts drawdown.”