According to the latest data from the Central Bank of Nigeria, the Federal Government has spent a total of $15.55bn on debt servicing between 2019 till now.

In 2019, Nigeria paid $588.33m in debt service between January and May, while the payment for 2020 was $5.40bn, the debt service payments continued to rise in subsequent years, with $2.02bn paid in 2021, $2.34bn in 2022, and $3.43bn in 2023 and $2.18bn between January and May 2024.

Recall that the FG recently received a two-fold package of $2.25bn from the World Bank to support President Bola Tinubu’s economic reforms.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated that the FG has taken necessary reforms to restore macroeconomic stability and put the country on a path to sustainable and inclusive economic growth, vowing that the reforms will create quality jobs and economic opportunities for all Nigerians.

This loan, described as “virtually a grant” by Edun, is expected to support the government’s economic reforms and development initiatives.