Debt servicing gulps N5tr in five years

Debt servicing gulps N5tr in five years

Nigeria has in the past five years paid $25.220 billion (an estimated N5 trillion based on the old fixed exchange rate) in repayment of loans and service charges within the period of 2011 to 2015.

The 2015 Annual Report of the Debt Management Office (DMO) just released and obtained by The Guardian yesterday indicated that this year alone, even in the face of cash crunch when the Federal Ministry of Finance is yet to make any quarterly release in implementing the 2016 budget, N446 billion has already being paid out to creditors in debt servicing. Read more

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