The Debt Management Office (DMO) of Nigeria has revealed that a total of N4.381 trillion (N4,381,207,357,790.30) was utilized for servicing the Federal Government of Nigeria’s domestic debt obligations throughout the entirety of 2023. The disclosure was made over the weekend by the DMO, shedding light on the significant financial commitment directed towards managing the country’s domestic debt burden.
As of December 31, 2023, the Federal Government’s domestic debt profile stood at N53.258 trillion, underscoring the substantial financial obligations involved in debt servicing. A detailed breakdown provided a month-by-month analysis of the expenditures incurred throughout the year.
In January 2023, N244.56 billion was allocated to debt service, followed by N146.4 billion in February, N483.14 billion in March, and N448.952 billion in April. The trend continued with N48.359 billion in May, N68.572 billion in June, and N68.833 billion in July. August witnessed a slight decrease with N175.526 billion.
September saw a notable increase with N496.959 billion, followed by N463.54 billion in October. November recorded the highest debt servicing amount for the year at N1.196 trillion, while December concluded with N340.378 billion dedicated to debt service.
Various debt instruments contributed to the N4.38 trillion servicing expenses incurred during the reference period. Notably, Nigerian Treasury Bills (NTBs) accounted for N326.122 billion, Federal Government Bonds accounted for a substantial N3.663 trillion, and Treasury Bonds contributed N6.373 billion. Green Bonds and FGN Sukuk Bonds accounted for N2.175 billion and N103.25 billion, respectively. Additionally, FGN Savings Bond (FGNSB) and Promissory Notes constituted N2.866 billion and undisclosed amounts, respectively.
The comprehensive report from the DMO underscores the significant financial commitments associated with managing Nigeria’s domestic debt obligations and highlights the government’s efforts to ensure fiscal responsibility amidst growing debt burdens.
