The Federal Government has spent ₦609,134,926,039.42 to service domestic debt in the first quarter of 2020.
The Debt Management Office (DMO) released this figure on Thursday night in Abuja.
According to the DMO, between January and March, 2020, the Federal Government paid interest on Nigerian Treasury Bill (NTB) to the tune of ₦111.605 billion.
Other obligations, which the federal government met with the first three months of the year include: interest on FGN Bonds, ₦488.935 billion; FGN Savings Bonds debt servicing ₦392.794 billion and; Rentals ₦8.201 billion.
Giving a month-by-month breakdown of debt servicing activities of the government, the DMO states that in January 2020, the government serviced debat with ₦251.352 billion. In February it paid out interests amounting to at ₦158.123 billion and in March shelled out ₦199.658 billion to service debt.
Within the first quarter of the year, the DMO had released the country’s total public debt stock which it put at ₦28.628 trillion, as at March 31, 2020. This was made up of ₦18.641 trillion ($51.637 billion) domestic debt and ₦9.987 trillion ($27.665 billion) external debt.
Also in the first quarter of the year, all the States of the federation and the Federal Capital Territory were indebted to the combined tune of ₦4.106 trillion with Lagos state leading the pack with total debt stock of ₦444.227 billion.
Lagos is followed by Rivers, which owes ₦266.936 billion; Akwa Ibom state ₦240.030 billion and Delta state with ₦230.752 billion.
Other highly indebted states are Cross River with total debt stock of ₦165.919 billion; Imo, ₦163.995 billion; Bayelsa, ₦154.951 billion; Ogun, ₦143.530 billion; Osun, ₦137.309 billion; Plateau ₦130.732 billion and Kogi ₦128.917 billion.
