Between January 2015 and September 2017, President Muhammadu Buhari’s administration has spent a total of 4.3 trillion to service Nigeria’s debt obligations to local and foreign debtors.

These figures were obtained from the Budget Office as computed from the quarterly budget implementation report prepared by the Budget Office.

An analysis of the report showed that the sum of 1.06 trillion was used to service debt in 2015.

The amount rose to 1.31 trillion in 2016 before hitting 1.54 trillion in 2017.

A breakdown of the 1.06 trillion debt service amount for 2015 showed that the sum of 302.1 billion naira was spent in the first quarter made up of 287.5 billion naira for domestic debt and 14.51 billion naira for foreign debt.

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In the second quarter of 2015, the report said out of the 239.7-billion-naira debt service figure, 218.49 billion was spent on domestic debt while 21.2 billion naira went for foreign debt service.

For the 2015 third and fourth quarters, the budget implementation report said that the sums of 305.33 billion naira and 214.24 billion naira were spent, respectively.

Giving a breakdown for 2016, the report said 364.81 billion naira was spent in the first quarter; 233.82 billion naira in the second quarter; while the third and fourth quarters had 468.88 billion naira and 245.95 billion naira, respectively.

For 2017, the report said 624.15 billion naira was used to service the nation’s debt in the first quarter while the second and the third quarters had 303.59 billion naira and 613.21 billion naira, respectively.

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