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The Business NG - November 07, 2024

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In this issue

Nigeria's external debt service obligations have risen sharply, reaching US$1.1 billion in the first quarter of 2024, a 40% year-on-year increase.
This surge in debt servicing costs has raised concerns among economists and financial experts, who warn of the growing financial strain caused by the country's rising external debt and the steep depreciation of the Naira.
The breakdown shows that US$288 million of the debt service went toward market debt, while US$832 million was allocated to non-market debt, primarily loans from multilateral and bilateral lenders.
The increase is largely attributed to principal repayments amounting to US$679 million, with US$551 million directed to multilateral lenders and US$128 million to bilateral lenders.
In local currency terms, the US$1.1 billion in debt service payments translates into N1.49 trillion, surpassing the federal government’s Q1 2024 revenue of N1.37 trillion. This has resulted in a concerning external debt service-to-revenue ratio of 108%

The Business NG Description:

Publisher: Tuns-Media-&-Comm-Enterprise

Category: Newspaper

Language: English

Frequency: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level