FG spent N1.54tn to service debts in nine months

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Ifeanyi Onuba

The Federal Government spent a total of N1.54tn to service the country’s debt obligations to local and foreign debtors between January and September last year, a report obtained from the Budget Office has indicated.

The amount is contained in the third quarter 2017 budget implementation report prepared by the Budget Office of the Federation.

An analysis of the report by our correspondent showed that the sum of N624.15bn was used to service the nation’s debts in the first quarter while the second and the third quarters had N303.59bn and N613.21bn, respectively.

A further breakdown of the whole amount showed that domestic debt servicing accounted for a huge chunk of the debt service obligations with a total of N1.48tn.

The N1.48tn is about 96.1 per cent of the entire amount spent by the nation in servicing its debt. The foreign debt servicing obligation accounted for…



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