The Federal Government spent a total of N4.3tn to service the country’s debt obligations to local and foreign debtors between January 2015 and September 2017, figures obtained from the Budget Office on Friday showed.
The figures are computed from the quarterly budget implementation report prepared by the Budget Office.
An analysis of the report by our correspondent showed that the sum of N1.06tn was used to service debt in 2015.
The amount rose to N1.31tn in 2016 before hitting N1.54tn in 2017.
A breakdown of the N1.06tn debt service amount for 2015 showed that the sum of N302.1bn was spent in the first quarter made up of N287.5bn for domestic debt and N14.51bn for foreign debt.
In the second quarter of 2015, the report said out of the N239.7bn debt service figure, N218.49bn was spent on domestic debt while N21.2bn went for foreign debt service.
For the 2015 third and fourth quarters, the budget implementation report said that the sums of N305.33bn and N214.24bn were spent, respectively.
Giving a breakdown for 2016, the report said N364.81bn was spent in the first quarter; N233.82bn in the second quarter; while the third and fourth quarters had N468.88bn and N245.95bn, respectively.
For 2017, the report said N624.15bn was used to service the nation’s debt in the first quarter while the second and the third quarters had N303.59bn and N613.21bn, respectively.
Further breakdown of the N1.54tn debt service figure for 2017 showed that domestic debt servicing with a total of N1.48tn accounted for a huge chunk of the debt service obligations. The N1.48tn is about 96.1 per cent of the entire amount spent by the nation on servicing its debt.