₦airaland Forum

Nume Ekeghe


The federal government of Nigeria spent a total of $2.78 billion on debt servicing in the first seven months of 2024, data released by the Central Bank of Nigeria (CBN) has revealed.

These figures were disclosed in the CBN’s recent ‘International Payments Data’ report, which also showed that Nigeria recorded $1.18 billion in total direct remittances from January to July 2024.

Analysis of the CBN data showed that in January, the government allocated $560.52 million to debt servicing, setting the tone for the year. This was followed by a reduction in February, where $283.22 million was spent, marking a 49.5 per cent decrease from January’s expenditure. March saw a slight decline, with $276.17 million allocated to debt servicing, representing a 2.5 per cent decrease from February. The trend of decreasing expenditures continued in April where $215.20 million was spent, reflecting a 22.1 per cent reduction compared to March.

In May, there was a sharp reversal of this downward trend, with debt servicing costs soaring to $854.37 million. This marked a significant 297 per cent increase from April’s expenditure, making May the month with the highest debt servicing outlay during this period. However, June experienced a dramatic drop in spending, with only $50.82 million allocated to debt servicing, a 94 per cent decrease from May. This was the lowest monthly expenditure recorded in the seven-month span. The spending picked up again in July, with $542.50 million spent on debt servicing, marking a substantial 967 per cent increase from June’s low point.

Also, a month-by-month analysis on the total direct remittances showed varying levels of remittance inflows throughout the seven months showed that A breakdown showed that in January, Nigeria received $138.56 million in direct remittances. However, February saw a sharp decline, with inflows dropping to $39.15 million, a 71.7 per cent decrease from January’s figure. March witnessed a rebound, with remittances increasing to $104.91 million, marking a 168 per cent rise from February.

The upward trend continued in April, where $193.31 million was received, a significant 84.3 per cent increase from March. The month of May saw the highest remittance inflow during this period, with $365.44 million recorded. This represents an 89 per cent increase from April, highlighting a strong surge in remittances, potentially driven by improved global economic conditions or favorable exchange rates. In June, however, remittances declined to $270.52 million, a 26 per cent decrease from May’s peak. Despite this drop, June’s inflow remained robust compared to earlier months. The downward trend continued into July, where remittances further decreased to $72.29 million, marking a 73.3 per cent decline from June.

EvilMerodack:


Buhari and the other Ex-Presidents did a lot of damages before leaving the Office

This is the best time to have a President like Tinubu, cause if he had not step in to initiate economic reforms that generate enough to pay back all these, we would have be re-colonized and owned by China before 2026


God Bless PBAT.
Shame on the rest

Islie:
https://www.thisdaylive.com/index.php/2024/09/09/how-fg-spent-2-78bn-on-debt-servicing-in-first-seven-months-of-2024/

NothingDoMe:
I know someone earning over ₦50 million per annum yet full of debt simply because he refuses to live within his means.

Always having one useless project or another while spending lavishly beyond his income, money lenders were after him and he eventually ran away from his house.

CodeTemplarr:
we are already running away from Nigeria. To places like Ghana and Kenya.

helinues:
Toh

EvilMerodack:


Buhari and the other Ex-Presidents did a lot of damages before leaving the Office

This is the best time to have a President like Tinubu, cause if he had not step in to initiate economic reforms that generate enough to pay back all these, we would have be re-colonized and owned by China before 2026


God Bless PBAT.
Shame on the rest

MadPolitician:
This is why Nigerians should rise up against the IMF and the world bank. These two organisations have turned nigeria into a business enterprise by basically controlling Nigerias oil earnings through proxy. Almostall oil earningsareused to service debts. The two organisations and their parent countries have the habit of supporting the candidacy of corrupt criminals to become presidents of developing nations.

Once these corrupt minds assume power, in order to pay back for all the international support they were given, they will subscribe to all sorts of ridiculous loans with cut throat conditions that includes removal of subsidies, privatisation of almost every high earning government agency and increased taxation. All leading to systematic structural collapse.

Nigeria is using almost all her foreign earnings to service foreign debts today. This includes cash borrowed to shore up reserves. Obviously, such borrowing never came into Nigeria, but stayed in foreign banks, yet billions are paid to service them. For Nigeria to get it right, candidates that dance to the whims of these foreign lenders, should never be allowed into the presidency again.

EvilMerodack:


Buhari and the other Ex-Presidents did a lot of damages before leaving the Office

This is the best time to have a President like Tinubu, cause if he had not step in to initiate economic reforms that generate enough to pay back all these, we would have be re-colonized and owned by China before 2026


God Bless PBAT.
Shame on the rest

EvilMerodack:

Jonathan was even worst. He surrounded himself with crooks and certified clowns-cum-looters

Stella Oduah = Bullet Proof Cars
Ngozi Okonjo = Missing $20m/misappropriation
Diezani Alison = The 3rd biggest looter in our history

Confused people have no business leading a complex country like ours