This is where we are as a country according to the Central Bank of Nigeria. Yes, “in its latest financial report, the Central Bank of Nigeria (CBN) has disclosed that the federal government expended approximately $2.2 billion on debt servicing during the first five months of 2024….In total, the $2.2 billion spent from January to May 2024 is about 96.32% higher than the $1.12 billion spent during the same period in 2023.” The breakdown:
January: $560.52 million
February: $283.22 million
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March: $276.16 million
April: $215.20 million
May: $854.36 million
Now, someone will tell me that Nigeria was saving money via fuel subsidies. In the Igbo Nation, if a bird leaves the ground and perches on the ant-hill, the elders will say that it is still on the ground. Nigeria may not be allocating money for subsidies (it claims), but it is allocating more for debt servicing as a result of decisions around Naira floating and fuel subsidies! Like I noted, nothing has changed, except the style!
Good People, if anyone tells you that Nigeria can be made whole through financialization, there is a bridge available to buy. We must make things (modern and old) for Nigeria to rise, and our leaders must provide platforms for such to happen. Those platforms include electricity, security and rule of law!
Simply, someone must be annoyed and angry that for 60 years we cannot figure out how to provide electricity to citizens and companies.
Nigerian Government Spends $2.2bn on Debt Servicing in First Five Months of 2024
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