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Nigeria spends N604 bln in domestic debt service in Q3, says debt office

By on January 2, 2021 0 146 Views

By Samuel Bankole

Nigeria spent N604.19 billion on domestic debt service in the three months to September 2020, the amount includes interest payments on borrowing from the local debt market, the Debt Management Office (DMO) has said.

In its latest report on the country’s debt, the debt office said it spent N222.84 billion on debt service in July, N104.40 billion in August and N276.94 billion in September, totaling N604.19 billion at the end of the third quarter of 2020.

A further breakdown of the debt service for the third quarter showed that the country spent N97.64 billion in interest payment on Nigerian Treasury Bills in the three months to September and N488.53 billion in coupon payment on the federal government bonds.

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Also, the government spent N365.65 million on interest payments on savings bond, N8.28 billion on Sukuk rental and N9.37 billion on interest payments on Treasury Bonds in the period to September.

There was no interest payment on Green bond in the period under review neither was payment on the principal of the Treasury bonds, according to the date by the debt office.

The debt office reported 22.93 percent growth in the nation’s debt stock to N32.22 trillion in the third quarter of the year.

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