Nigerian Government Spends 47% of Budget on Debt Servicing in First Nine Months of 2024.

Debt servicing has taken up 47% of Nigeria's total government expenditure in the first nine months of 2024, according to the Central Bank of Nigeria.

The Nigerian government's debt servicing costs took up nearly half of its total expenditure during the first nine months of 2024, with a whopping 47 per cent allocated towards debt repayment. This significant chunk of the federal budget was revealed in data analysis by the Central Bank of Nigeria. As a result, the country's finances are facing substantial strain due to this major commitment of public funds. The high debt servicing costs have raised concerns about the government's ability to allocate resources effectively.