How Nigeria Spent $202m, N657b to Service Foreign, Domestic Debts in Q2

By Dipo Olowookere

A total of $202.4 million was used by the federal government in servicing external debts in the second quarter of 2018.

This is according to data harvested by Business Post from the website of the Debt Management Office (DMO).

A breakdown showed that $105.9 million was used by the Nigerian authorities to service Eurobonds, which comprised the 5.125% Eurobond 2018, 6.75% Eurobond 2021, 6.375% Eurobond 2023, 7.875% Eurobond 2032, 7.625% Eurobond 2047, 6.5% Eurobond 2027 and the 5.625% Diaspora Bond 2022.

Business Post gathered that in the first quarter of 2018, the sum of $225.3 million was spent on foreign debt servicing by the Nigerian government.

This showed a 10.2 percent decline in the total amount used by the federal government to service its external debts in Q2 when compared with Q1.

A look at the domestic debt servicing indicated that the sum of N656.6 billion was spent from April 2018 to June 2018.

This is against the N923.3 billion used on servicing local debts from January to March this year, bringing the total amount already spent for such purpose in the January to June 2018 to N1.6 trillion.

According to the debt office, out of the N656.6 billion used in the second quarter of the year, a total of N359.2 billion was spent on redemption of Treasury Bills.

Below is the breakdown of how the country serviced its debts in the second quarter of this year.