EVEREST AMAEFULE reports that in 39 months, the country spent a total of N5.468tn on servicing domestic debt and foreign debt as experts claim that the cost of debt servicing is crowding out public debt expensesServicing of domestic and foreign debt gulped a total of N5.468tn between July 2015 and September 2018, an analysis of the data obtained from the Debt Management Office has shown. While domestic debt servicing gulped a total of N4.77tn within the period, the country spent a total of $2.28bn to service foreign debt. Again in 2017, the cost of servicing domestic debt rose to N1.48tn. In the first quarter of 2018, domestic debt servicing gulped N643.63bn. On the other hand, external debt servicing gulped a total of $2.28bn in the period of 39 months.

Source: Punch February 10, 2019 23:37 UTC