Nigeria Successfully Pays Back China, India, IMF, Others $560m Debt in 2024, More to be Paid Wednesday, March 13, 2024 at 11:50 AM by Zainab Iwayemi Data by the CBN has shown that in January 2024, Nigeria paid $560 million to repay debt owed to various countries and organisations Analysis showed the amount is greater by 339% compared to the amount spent for the same purpose last year. This came amid a report that estimated that Nigeria's total public debt stood at N87.91 trillion as of September 2023 PAY ATTENTION: Follow our WhatsApp channel to never miss out on the news that matters to you! Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy,

In January 2024, the federal government paid $560 million to service the nation's external debt. FG paid $560 million to service the nation's external debt In January 2024. Photo Credit: FG Source: UGC Compared to the $112 million paid on debt service in January of 2023, the amount spent in January was 339% greater, according to a ThisDay analysis of the Central Bank of Nigeria's (CBN) Weekly International Payments.

Breakdown of debt payment last year Nigeria paid $3.5 billion in 2023 as repayment for its external debt, a substantial rise above the $2.4 billion spent in 2021.

The monthly analysis of Nigeria's debt service in 2023 shows dynamic patterns that provide insight into the nation's economic climate. Debt servicing totalled $112 million at the start of the year, while there was a significant increase in February, hitting $288 million. The debt servicing escalates to $400 million as the pace continues throughout March. Debt servicing records a decrease in April of $93 million but increases in May to $221 million.

The month of July stands out as a peak month, exceeding $641 million, while June exhibits a notable adjustment at $54 million. In August, the amount falls precipitously to $310 million but rises to $439 million in September.

After reaching $65 million at year-end adjustments, there is a noticeable decline towards the end of 2023, and in January 2024, there is another big peak of $560 million. In a recent report, Legit.ng reported that data from the Debt Management Office (DMO) shows that Nigeria's total public debt stands at N87.91 trillion as of September 2023. The increased debt profile comes four months after President Tinubu and 18 new governors came into office in May 2023.

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Obidients….

Audio repayment

The hardship is becoming unbearable for the masses, a bag of rice is #95,000 and garri is now becoming really expensive to buy and here they are trying to deceive their brainless followers with loan payment.

LordIsaac:
Obidients….

Continue calling obedient while hunger and hardship continue showing your fellow shege, a bag of rice #95,000 all thanks to APC

Why should they even pay, they should keep borrowing to solve problems afterall we are in endtimes and rapture can come at any time and everything will end bdat.

..while at thesame time going for more loans & looting all..

Tommorrow they will deny thesame propaganda..

..mouth, mouth, mouth, talk, talk, talk, open waaa , open waaa, speak, speak speak, will will will, to to to about about about to to to...

..Just releasing lies, propaganda from morning till night..deceiving their mandate coven standers

One creature don already blame Obidients for the lies..

The kind of unproductive projects those debt were spent on is what Tinubu also has his eyes on. What's the point doing more of the same thing that can't save us from 1% of our burdens?

Another yamputu gan gan news for the on ya mandate animals to clap 😂😂😂😂

LordIsaac:
Obidients….

Go borrow soap wash your lace Akin

339% greater than the amount spent on the same purpose last year. Tinubu will succeed.

Putindbutt:
339% greater than the amount spen on the same purpose last year. Tinubu will succeed.

Debt servicing

How come this govt is'nt telling d public how much dey h saved from d oil subsidy remover

EreluRoz:
Why should they even pay, they should keep borrowing to solve problems afterall we are in endtimes and rapture can come at any time and everything will end bdat.

werey woman...

Samakus:

Debt servicing

That is the most crucial.

mytime24:
How come this govt is'nt telling d public how much dey h saved from d oil subsidy remover

Have you asked your Governors how much they've saved from oil subsidy removal?

LordIsaac:
Obidients….

You Sha no wise

Obidients don't like good news like this. They would have being jubilating if Nigeria can't pay

COMRADES, I hope that it is not a media repayment

Christian36:
The hardship is becoming unbearable for the masses, a bag of rice is #95,000 and garri is now becoming really expensive to buy and here they are trying to deceive their brainless followers with loan payment.

What's your father producing or manufacturing? U go cry taya.

LordIsaac:
Obidients….

So using 90% of your revenue to pay debt is now an achievement? Algeria your mate has over 190 billion dollars in reserves....Phillipines has over 150 billion dollars too.........APC no get shame again!

Abufo:


So using 90% of your revenue to pay debt is now an achievement? Algeria your mate has over 190 billion dollars in reserves....Phillipines has over 150 billion dollars too.........APC no get shame again!

oga make we hear word. Pack go there naw

Nigeria SERVICED A LOAN. They did not pay back.

This is great. Tinubu will do surprisingly well, though I believe Obi would have done better

Propaganda repayment

Benwallt:


What's your father producing or manufacturing? U go cry taya.

Tell that to your bra*nless father, let see who will cry more, if your mother really have sen*s, she won't give birth to a bra*nless child like you. It is only a brainless person that will till be supporting this wicked regime

Christian36:
Tell that to your bra*nless father, let see who will cry more, if your mother really have sen*s, she won't give birth to a bra*nless child like you. It is only a brainless person that will till be supporting this wicked regime

E SHOCK U ABI

U GO CRY TAYA.

watin your father dey produce or manufacture?

Tinubu till 2031. There's ain't nothing you, Agulu fraudster and your entire region can do about it. If the kitchen is too hot for you, slump and die.

LordIsaac:
Obidients….

Are you this shameless? We now celebrate paying back less than 3% of our debts. Don't you see how deep the rot has eaten?

LordIsaac:
Obidients….

Obidients is the reason Tinubu turned out to become a catastrophe

Benwallt:


E SHOCK U ABI

U GO CRY TAYA.

watin your father dey produce or manufacture?

Tinubu till 2031. There's ain't nothing you, Agulu fraudster and your entire region can do about it. If the kitchen is too hot for you, slump and die.

Lol, we know how the story of people like you always end, same way some fools were shouting Buhari still 2023, now this is 2024, majority of them aren't better than those they insulted, beside, am not into production but with what am doing, I can feed you and your f*mily

Christian36:
Lol, we know how the story of people like you always end, same way some fools were shouting Buhari still 2023, now this is 2024, majority of them aren't better than those they insulted, beside, am not into production but with what am doing, I can feed you and your f*mily

Nobody cares. U go cry taya

Benwallt:


Nobody cares. U go cry taya

Your people have started crying 'ebin pa wa ooo'!!!