Nigeria’s debt servicing payments have surged significantly, reaching N6.04 trillion in the first half of 2024. This represents a 69% increase from N3.58 trillion in the same period of 2023.<\/p>\n\n\n\n

According to the Central Bank of Nigeria’s statistical bulletin, debt servicing accounted for 50% of the government’s total expenditure (N12.17 trillion) and 162% of its total revenue (N3.73 trillion) in H1 2024.<\/p>\n\n\n\n

The significant rise in debt servicing is largely driven by naira devaluation for foreign debt repayments. This has resulted in growing fiscal stress, with the government allocating a substantial portion of its resources towards debt repayment.<\/p>\n\n\n\n

Key highlights include:<\/p>\n\n\n\n

\n
• January 2024 debt servicing increased by 37% to N755.9 billion<\/li>\n\n\n\n
• March 2024 saw a 12.2% rise to N1.01 trillion<\/li>\n\n\n\n
• May 2024 recorded a 332% surge to N2.26 trillion<\/li>\n\n\n\n
• June 2024 debt servicing rose by 186% to N689 billion<\/li>\n<\/ul>\n\n\n\n

  The World Bank has expressed concerns over escalating debt service costs, warning of a potential widespread financial crisis.<\/p>\n\n\n\n

  For more information on Nigeria’s debt situation and its economic implications, consider searching online for the latest updates and analyses from reputable financial news sources.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Nigeria’s debt servicing payments have surged significantly, reaching N6.04 trillion in the first half of 2024. This represents a 69% increase from N3.58 trillion in the same period of 2023.…<\/p>\n","protected":false},"author":2,"featured_media":2671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[10],"tags":[],"class_list":["post-2670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/news.contents101.com\/wp-content\/uploads\/2024\/10\/Untitled-design-26-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/posts\/2670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/comments?post=2670"}],"version-history":[{"count":1,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/posts\/2670\/revisions"}],"predecessor-version":[{"id":2672,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/posts\/2670\/revisions\/2672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/media\/2671"}],"wp:attachment":[{"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/media?parent=2670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/categories?post=2670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.contents101.com\/index.php\/wp-json\/wp\/v2\/tags?post=2670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}