Fresh data released by the Central Bank of Nigeria (CBN) indicates that the Nigerian Government has earmarked a substantial $1.81 billion for servicing its foreign debts during the first seven months of 2023. An analysis of this allocation reveals a monthly breakdown of these payments. In January 2023, the government allocated $112.35 million for foreign debt servicing, followed by a higher amount of $288.5 million in February. March witnessed a significant expense of $400.5 million, demonstrating the country's commitment to its debt obligations.
In April, the Federal Government exercised prudent financial management by allocating $92.8 million to service its foreign debt. Moving into May, the Nigerian Government continued its efforts, directing $221 million towards debt servicing. However, June saw a notable spike in the amount allocated, soaring to $543 million. July marked another increase, reaching a peak of $642 million, the highest figure recorded in 14 months.
A closer examination of the data reveals that total direct diaspora remittances from January to July this year amounted to $1.9 billion. This influx of funds from overseas is reported by ThisDay to play a crucial role in helping Nigeria manage its external financial obligations and maintain fiscal stability.
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