According to reports, the Nigerian Federal Government spent $112.35m servicing external debt in January 2023.
The data from the Central Bank of Nigeria’s Weekly International Payments revealed that the amount spent in January was 146.17 % higher than the amount – $45.64m- spent in December 2022.
This news is coming as the Federal Government is struggling to boost its revenue base despite its efforts to generate revenue generation.
Meanwhile, the federation account is currently being managed under a legal framework that allows funds to be shared under the three major guidelines: statutory allocation, Value Added Tax distribution, and derivation principle.
