Politics News

Federal Gov’t spends N609.134bn on debt servicing between Jan-March

Emma Ujah, Abuja Bureau Chief The Federal Government spent a total of N609,134,926,039.42 in debt service between January and March, 2020.

The data obtained from the website of the Debt Management Office, DMO, yesterday, indicated interest on NTBs  stood at N111.605 billion; interest on FGN Bonds, N488.935 billion; FGN Savings Bonds debt servicing took N392.794 billion while; Rentals amounted to N 8.201 billion.

On a month-by-month basis, January debt servicing was N 251. 352 billion ; February interests stood at N 158.123 billion ; while March debt servicing figure was N 199.658 billion. The DMO had earlier released the nation’s total public debt stock of N 28. 628 trillion, as at March 31, 2020.

It consisted of domestic debt of N18. 641 trillion ($51.637 billion) and external debt of N9.987 trillion ($27.665 billion) The 36 and the Federal Capital Territory owed a total of N4. 106 trillion , as at March 31, 2020.

Lagos topped the list of table among the states with N 444.227 billion; followed by Rivers which owed N266.936 billion;  Akwa Ibom placed third with N 240.030 billion; and Delta N 230.752 billion.

Cross River owed N165.919 billion; Imo, N163.995 billion; Bayelsa, N 154.951 billion; Ogun, N143.530 billion; Osun, N137.309 billion; N130.732 billion; Kogi N 128.917 billion.

States with the least debts were: N29.294 billion; Anambra, N33.917 billion; Jigawa, N36.020 billion; Ebonyi N42.418 billion;  and Sokoto, N47.745 billion.


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