Nigeria’s President Bola Tinubu, on Tuesday, formally requested the National Assembly’s approval for a fresh N1.767 trillion external borrowing plan to finance the country’s budget deficit of N9.7 trillion for 2024.
This move comes as the Central Bank of Nigeria (CBN) reports a significant increase in foreign debt servicing costs, sparking concerns about the nation’s growing debt obligations.
According to the CBN’s international payment statistics report, Nigeria spent $3.58 billion on foreign debt servicing in the first nine months of 2024, representing a 39.77% increase from the $2.56 billion spent during the same period in 2023. The highest monthly debt servicing payment in 2024 was recorded in May, amounting to $854.37 million.
