Nigeria spent about 70% of its dollar payments to service external debts between January and March 2024.

According to data from the Central Bank of Nigeria (CBN), out of the $1.61 billion in total outflows made during this period, a substantial amount of $1.12 billion was expended on servicing external debt.

This figure represents a huge rise from 49% in Q1 2023, highlighting the growing burden of external debt on the nation’s finances.

A monthly breakdown of the debt service payments reveals that the nation started 2024 with a significant debt servicing obligation of $560.52 million in January.

This sum exceeded the entire debt servicing expenditure of January 2023 ($112.35 million) by nearly five times.

In February 2024, the debt servicing payments were moderated but remained substantial at $283.22 million.

March 2024 continued the trend but at a lower figure, with the country expending $276.17 million on debt servicing, representing a far less decrease from March 2023’s $400.47 billion.

Recall that Nigeria’s foreign exchange (FX) reserves recently hit a one-month dip streak. The CBN governor, Yemi Cardoso, said the decreasing reserves were primarily due to debt repayments and other standard financial obligations, rather than efforts to defend the naira.


FX reserve rebounds, gains $262m

Following several weeks of a downward trend, Nigeria’s foreign exchange reserves have witnessed a marginal resurgence of about $262 million over 19 days.

The CBN latest figures reveal a cautious upward adjustment, with reserves inching up to $32.369 billion as of May 7, 2024, from a one-month dip of $32.107 billion.

The reserves experienced a steady decline from $34.45 billion on March 18th, largely due to the interplay of dwindling oil prices, debt service costs, and other obligations of the CBN.

https://dailytrust.com/Debt-Service-Gulps-70%-Of-Dollar-Outflow-In-Q1

Oh boy.

70%, that's too much now

Who do we arrest now

This is the real truth. Dollar scarcity is not caused by the citizen but by the government. They love borrowing dollars forgetting they will need dollars to pay back. With 70% on loan repayment, businesses, politicians and citizen only has access to the remaining 30%

Odotech:
This is the real truth. Dollar scarcity is not caused by the citizen but by the government. They love borrowing dollars forgetting they will need dollars to pay back. With 70% on loan repayment, businesses, politicians and citizen only has access to the remaining 30%

But majority of the serviced debt wasn't obtained by this government

When we were adopting our current cataclysmic and demonic structure decades ago, the assumption was that we have more than enough money and lacked ideas on how to spend it. If the money has dried up, let us restructure first. Reprioritize. Regress in wastage.
No need crying when we still can afford N90 Billion to go an stone the devil in saudi Arabia.

helinues:


But majority of the serviced debt wasn't obtained by this government

the public project the debts were expended on, what are they producing in terms of revenue? Who are they serving?
Use that thing God credited you with - the brain.

CodeTemplar:
the public project the debts were expended on, what are they producing in terms of revenue? Who are they serving?
Use that thing God credited you with - the brain.

Engage without throwing tantrums.

No response for you because of that

NL must be changed until you guys start expressing yourself without attacking others

We can't be making our comments, Waka, see your comments Waka, but una dey always get issue with ours for no sensible reason.. Obidients to be precise

Next

This is not a good news. The APC regime is bereft of ideas. They're run by charlatans and emergency lovers of Nigeria who are bent on borrowing unserviceable amount of loans to build white elephant projects, all in the name of developing their own region. The amount of loans that have been lined up for borrowing will make this current situation a child play in future.

Very soon all of us will be used to service debt. This I have seen

Noted.

Why is nairaland full of fights and insult nowadays? One can't read through a thread in peace unlike before without seeing insults or fights.
We know we're all suffering but at least some of the dragging and insults is not necessary please.

From d reports, It's the FG that's spending d dollars but dem say na Binance n MoniePoint

With d amounts these new ones don borrow n aggressively continue to borrow, 1 year from now 90% of our reserve will be used to service debts...Na that time d naira go truly become shit currency...I predict 3000 to the dollar.

What if Nigeria is the hell fire the bible described.

What if our successive leaders are the devils and his agent.


What if those of us in Nigeria are suffering from our offences we committed when we were living in America, Australia, Canada during our previous lifes and when we now died, God sentenced us to hell fire called Nigeria.

What if the Europeans are living in heaven now.

All these thoughts in my head.

helinues:
Oh boy.

70%, that's too much now

All thanks to the enemies of Nigeria

helinues:


But majority of the serviced debt wasn't obtained by this government

True, but this government saw everything n claimed they can fix it. Nobody begged them to run for presidency.

Fire brigade approach!!!

helinues:


But majority of the serviced debt wasn't obtained by this government

Yes but by a government supported by this government. Good men do not support evil governments. So you have an idea of the people we presently have in power.

RealTrump:


True, but this government saw everything n claimed they can fix it. Nobody begged them to run for presidency.

Ordinary husband and wife in same roof, some people can't even handle it not to talk of complicated Nigeria.

If we expected things to start getting straight even upon rots in the system, then it must have been as usual GEJ and Buhari's term as they were busy borrowing money to shock things which eventually led to this

helinues:


Engage without throwing tantrums.

No response for you because of that

NL must be changed until you guys start expressing yourself without attacking others

We can't be making our comments, Waka, see your comments Waka, but una dey always get issue with ours for no sensible reason.. Obidients to be precise

Next

And now you are throwing trantrums on Obidients. Funny people

Oil dey yaa head

Odotech:
This is the real truth. Dollar scarcity is not caused by the citizen but by the government. They love borrowing dollars forgetting they will need dollars to pay back. With 70% on loan repayment, businesses, politicians and citizen only has access to the remaining 30%

tctrills:

Yes but by a government supported by this government. Good men do not support evil governments. So you have an idea of the people we presently have in power.

If this government is indeed evil, reasonable number of you would have forgotten about anything like freedom of speech, evil government won't allow that.

Flopped bunkum

Trash....no be same APC government?

helinues:


But majority of the serviced debt wasn't obtained by this government

helinues:


But majority of the serviced debt wasn't obtained by this government

Obtained by APC government (buhari), supported by Tinubu. All nah APC!

So it's still same same

jiz:
Trash....no be same APC government?

HNICEARTH:


Obtained by APC government (buhari), supported by Tinubu. All nah APC!

So it's still same same

Here we go, Pdp was a saint party which didn't borrow a dime.

See, we can't progress as a country if our arguments are always one sided

Donwizbro:
Why is nairaland full of fights and insult nowadays? One can't read through a thread in peace unlike before without seeing insults or fights.
We know we're all suffering but at least some of the dragging and insults is not necessary please.

What do you expect. You expect it to be filled with happy people celebrating? Your evil gov has turned us all into enemies. Lock 10 men in a room and give them just a slice of bread and see if they don't turn to enemies.

helinues:


If thia government is indeed evil, reasonable number of you would have forgotten about anything like freedom of speech, evil government won't allow that.

Flopped bunkum

Ok the gov is actually very holy. They give you some freedom of speech as long as you are hungry and poor. You are making sense. This is the best gov ever.
As long as you don't get arrested for typing on Nairaland then Tinubu is the greatest thing after sliced bread

Naira go soon nose dive

helinues:




Here we go, Pdp was a saint party which didn't borrow a dime.

See, we can't progress as a country if our arguments are always one sided

At least PDP saw that tge debts was once cancelled. Your party APC what have they done deaths, terrorism, unemployment ethnic cleansing Inflation economic Depression, bigotry Religious supremacists etc

Dis man, you don turn demotivational speaker ? cos this one na hypocrisy to the core of BATeria.

You think like this when you gathered your ills at ojota ? Did you ever have this sllimy thoughts during GEJ's era ?

Dis man, dey calm down with lies deceit & hypocrisy

tctrills:

Ok the gov is actually very holy. They give you some freedom of speech as long as you are hungry and poor. You are making sense. This is the best gov ever.

Again, talk about your present situation, don't use it to judge others.

We knew government don't put food on masses table, hence face our hustle, whatever government policy shall favour us IJN.

Nigeria is a capitalist country, riches are the priority, democracy is just another set of scam as USA proofed that to the world.

If 70% of Americans can be against the congress passing $8bn or so in foreign aids while there are millions of Americans homeless,yet the bill was passed , one of many, the. what such of democracy is that where the opinions of the masses do not matter .

It's time for Nigerians to accept the reality and stop blaming government about their woes, they have never cared, why waiting for miracle this time?

A friend always give excuse of no light, I asked him a simple question, back then when we were in the same street of Lagos hustling, was there stable light, he said no,so if decades after , you are still waiting for NEPA to bring light without you having alternative, then he must be the unserious one here not the Nepa