By 
Data released by the Central Bank of Nigeria (CBN) reveals that the federal government allocated a substantial $1.81 billion to service its foreign debt obligations during the first seven months of 2023.
A detailed breakdown of the numbers shows that the federal government committed $112.35 million to service its foreign debt in January 2023. February saw a higher allocation of $288.5 million, while March marked a significant expense of $400.5 million.
In April, there was a notable expenditure of $92.8 million, reflecting prudent financial management practices. May recorded a total expenditure of $221 million to meet these foreign debt obligations.
However, the standout month in this data is June, which incurred an exceptionally high servicing cost of $543 million. July followed suit with $642 million, marking the highest figure observed in the past 14 months.
A closer look at the report reveals that the total direct remittances from January to July 2023 amounted to $1.19 billion. These financial inflows play a crucial role in balancing Nigeria’s external financial commitments.
The detailed breakdown of remittances shows that in January, direct remittances accounted for $79.2 million, indicating a steady financial inflow. February recorded $83.76 million in remittances, signaling financial stability. March saw a substantial sum of $138.6 million, showcasing consistent financial support. April closely followed with a remittance of $159.04 million, emphasizing financial resilience.
As the year progressed, May witnessed an influx of $202 million, reinforcing the nation’s financial stability. June experienced a significant increase, with $297.4 million in direct remittances, signifying steady financial support. July recorded an inflow of $241 million, maintaining a consistent financial inflow.
Comments