Nigeria spent a total of N13.12tn on debt servicing in 2024, representing a 68 per cent increase from the N7.8tn recorded in the previous year, according to an analysis of fresh data from the Debt Management Office.
According to PUNCH, the debt servicing costs recorded in 2024 surpassed the budgeted allocation of N12.3 tn for the year.
The higher-than-expected expenditure highlights the increasing pressure of debt obligations on the nation’s fiscal sustainability.