JUST-IN:Nigerian government pays it debt with China, India and Germany
Pqconnect 
New Data from the Central Bank of Nigeria (CBN) has shown that the Nigerian Government has allocated a significant $1.81 billion to service foreign debts during the first seven months of 2023.
An analysis of the amount shows that in January 2023, the Nigerian Government set aside $112.35 million to service foreign debt. February saw a higher debt servicing of $288.5 million, while March witnessed a substantial expense of $400.5 million.
President Bola Tinubu's government spent more on debt service in two months.
A breakdown shows Tinubu's government spent the most on debt servicing.
The Federal Government spent $92.8 million in April, revealing careful financial management practices. In May, the Nigerian Government serviced external debts with $221 million.
June saw an exponential increase in the amount used in debt servicing at $543 million, while July experienced another increase to $642 million, marking the highest figure in 14 months. A further breakdown reveals that the total direct diaspora remittances from January to July this year amounted to $1.9 billion.
