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FG spends N609.134bn on domestic debt servicing

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The Federal Government has spent ₦609,134,926,039.42 to service domestic debt in the first quarter of 2020.The Debt Management Office

The Federal Government has spent ₦609,134,926,039.42 to service domestic debt in the first quarter of 2020.According to the DMO, between January and March, 2020, the Federal Government paid interest on Nigerian Treasury Bill to the tune of ₦111.605 billion.

Giving a month-by-month breakdown of debt servicing activities of the government, the DMO states that in January 2020, the government serviced debat with ₦251.352 billion. In February it paid out interests amounting to at ₦158.123 billion and in March shelled out ₦199.658 billion to service debt. Also in the first quarter of the year, all the States of the federation and the Federal Capital Territory were indebted to the combined tune of ₦4.106 trillion with Lagos state leading the pack with total debt stock of ₦444.227 billion.

 

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