Economy News Correspondent
Ruth Ogbechie
Nigeria’s foreign debt service payments for the fourth quarter of 2024 have amounted to $1.08 billion, as reported by the Debt Management Office (DMO). This payment highlights Nigeria’s ongoing effort to meet its external debt commitments.
The DMO has released detailed reports on the country’s foreign debt service payments, including those for the fourth quarter. These reports shed light on the sums paid to international creditors and their impact on Nigeria’s financial resources.
As of September 30, 2024, Nigeria’s external debt stock had reached a substantial amount, reflecting the nation’s dependence on external borrowing to fund various development initiatives and its budgetary requirements.
The significant debt service payments emphasize the importance of effective debt management to ensure that borrowed funds are used efficiently for projects that foster economic growth and development. The DMO continues to monitor the nation’s debt servicing, ensuring transparency and keeping the public informed about Nigeria’s debt profile.
For more information, the DMO’s official reports provide in-depth details on Nigeria’s debt servicing and overall debt management strategies.
