Within six months of 2023, over N2.34 trillion was spent by the Federal Government of Nigeria to service the country’s debt, which rose to N87.38 trillion at the end of June 2023.
The Debt Management Office (DMO) said N1.49 trillion was disbursed to service debt in the first quarter (Q1) of this year and N849.58 billion was expended in the second quarter (Q2).
According to the DMO report, the amount spent on debt service fell by 43.04 per cent quarter-on-quarter, as it slowed in the second quarter, the same month the fuel subsidy was removed by President Bola Tinubu.
