Latest figures from the Debt Management Office yesterday, showed that the federal government spent a total of N609.13 billion on debt service between January and March 2020.
Also, Nigeria’s total debt stock (public and domestic debt) rose to N28.63 trillion in the first quarter of 2020. In details, external debt is now N 9.987 trillion, while domestic debt stands at N 18.64 trillion.
Out of that, federal government is owing N 14.5 trillion or 50.77%, with all the States and FCT owing N4.106 trillion, representing 14.34% of the entire stock.
A breakdown of the figures that was posted on the website of the debt office indicate that N251,352,673,904.74 billion was spent to service the nation’s debt in January, while in February, another N158,123,337,830.38 billion was spend to service the debt, with the spending on the same purpose gulping and N199,658,914,304.30 billion in March.
Lagos State has the highest debt rate. It is owing a total of N444.227 billion; followed by Rivers and Akwa-Ibom States with a total debt stock of N 266.94 billion and N 240 billion respectively.