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DMO reveals FG domestic debt service for January to March

FG spent over N609B in debt servicing between January and March

The Debt Management Office of Nigeria, (DMO) has revealed that Federal government spent the sum of N609,134,926,039.42 in debt service between January and March 2020.

This data which was obtained from their official website stipulated that interest on NTBs stood at N111.605 billion; interest on FGN Bonds, N488.935 billion; FGN Savings Bonds debt servicing took N392.794 billion while; Rentals amounted to N 8.201 billion.

On a monthly basis, January debt servicing was N251.352 billion; February interests stood at N158.123 billion; while March debt servicing figure was N199.658 billion. The DMO had earlier released the nation’s total public debt stock of N 28.628 trillion, as of March 31, 2020.

It consisted of a domestic debt of N18. 641 trillion ($51.637 billion) and external debt of N9.987 trillion ($27.665 billion) The 36 and the Federal Capital Territory owed a total of N4.106 trillion, as of March 31, 2020.

Lagos topped the list of the table among the states with N444.227 billion; followed by Rivers which owed N266.936 billion; Akwa Ibom placed third with N240.030 billion; and Delta N230.752 billion. Cross River owed N165.919 billion; Imo, N163.995 billion; Bayelsa, N154.951 billion; Ogun, N143.530 billion; Osun, N137.309 billion; N130.732 billion; Kogi N128.917 billion. States with the least debts were: N29.294 billion; Anambra, N33.917 billion; Jigawa, N36.020 billion; Ebonyi N42.418 billion; and Sokoto, N47.745 billion.

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