Nigeria spends $3bn servicing commercial loans in four years

Punch

Nigeria spent $3bn in four years on servicing commercial loans, including Eurobonds and Diaspora bonds, according to an analysis of data on actual external debt service payments from the Debt Management Office.

The cost of commercial loan servicing rose from $91.3m in 2016 to $840.1m in 2020, showing an increase of $748.8m or 820.15 per cent.

The country paid $91.3m to service commercial loans in 2016 which accounted for 26 per cent of the total external debt service cost of $353.1m.

In 2017, $158.8m was spent on servicing commercial loans, accounting for 34.21 per cent of the total external debt service cost of $464m.

The country serviced its commercial loans with $1.03bn in 2018 which represented 70.03 per cent of the total external debt service cost of $1.5bn.

In 2019, the amount spend on servicing commercial loans accounted for 59.08 per cent ($787.8m) of the total external debt service cost of $1.4bn.

Last year, $840.1m was spent on servicing commercial loans, representing 54 per cent of the total external debt service cost of $1.6bn.

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