According to the latest data from the apex bank, ‘International Payments Data,’ the federal government spent $854.36 million in May on debt servicing, which also was the highest paid in a single month in the past year.

This figure represents about 297 percent higher than what was spent on debt servicing in April and 286.49 percent higher than the $221.05 million the country spent in May 2023.

The report revealed that in April, debt servicing gulped $215.20 million, $276.16 million in March, $283.22 million in February and $560.52 million in January.

The entire amount is about 96.32 percent higher than what FG spent on debt servicing within the same period in 2023, which stood at $1.12 billion.

The FBNQuest Research revealed that Nigeria’s external debt service payments increased by $1.1bn to $3.5bn in 2023, comprising $1.9bn and $1.6bn in market and non-market debt payments, respectively.

The development follows an announcement by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy that Nigeria will be getting some funds from the World Bank in a few weeks.

“In two weeks, the board of the World Bank will consider a $2.25 billion package for Nigeria, which would be virtually free or almost grant funding, very low interest. And it is not being given on conditionalities. A large part of it, $1.5 billion, is what they call Development Policy Financing.

“Essentially, it is in recognition of what has been done to stabilise the Nigerian economy and get it back on the growth path. The funding will come, at least, half of it, will come immediately after that board meeting. That’s what we are looking forward to. It just shows that we know how to use the multilateral development banks to our advantage. We don’t agree with everything they say. We don’t have to agree or they (have to) agree with our homegrown policies for trying to get Nigeria moving again”, the Minister said, during an interview on Channels TV on June 2, the minister said.