Between April and June this year, President Muhammadu Buhari’s government spent a total of 656.59 billion naira repaying debts owed local investors.

According to statistics from the Debt Management Office, the amount is made up of 359.2 billion naira spent on redemption of Treasury Bills, and a total of 297.4-billion-naira interest charges on the Federal Government’s domestic debt within the period.

With the latest amount spent on debt servicing, the Federal Government has so far spent a total of 1.58 trillion naira on debt servicing in the first six months of the year.

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A total of total of 923.3 billion naira was on servicing of domestic debt in the first three months of the year (January to March).

A breakdown of the debt servicing data for the first quarter of the year showed that the Federal Government spent a total of 643.63 billion naira on the payment of interest while it spent a total of 279.67 billion naira on the redemption of matured Treasury Bills within the first three months of the year.

On comparison basis, the Federal Government spent 346.26 billion naira less in interest payment in the second quarter than it spent in the first quarter of the year.

However, in the second quarter of 2017, the government spent a total of 235.39 billion naira on interest payment, which is less than what was spent in the second quarter of the year on the same matter.

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