The external debt service payments report by the Debt Management Office (DMO) has revealed that Nigeria’s railway-related debts gulped $548.67 million between 2016 and 2022.
In 2016, $19.99 million was spent to service railway debts, $21.53 million was disbursed in 2017, and the next year, the Federal Government expended $63.92 million.
The debt service gulped $74.25 million in 2019, rising to $121 million in 2020. The amount continued on an upward path, gulping $122.92 million in 2021, but in the first quarter and third quarter of 2022, $125.06 million was spent on servicing railway debts in 2022.
