Nigeria in the second quarter of 2017 spent N253.208 billion servicing both its domestic and external debt obligations which has risen by 2.5 per cent to N19.636 trillion as at June 30.
This is compared to the N19.159 trillion debt stock as at March 2017.
According to data released by the Debt Management Office (DMO) on Monday, domestic debt of the federal government rose to N12.033 trillion from N11.971 trillion which it was as at March 2017, while external debt rose to $15.047 billion or N4.602 trillion as at June from $13.807 billion or N4.229 billion as at March.
This brings the total federal government debt stock to N16.636 trillion or $54.384 billion a 2.7 per cent increase compared to N16.201 trillion or $52.884 billion which it was as at the end of the first quarter of the year.
Domestic debt of states which represent figures for 33 states and the FCT as at end of December 2016, except for Ogun State (December 2015) and Akwa-Ibom and Rivers states (June, 2016), rose to N3 trillion from N2.958 trillion.
The feral government had spent N235.38 billion servicing its domestic debt between April and June this year as the amount spent declined gradually, while it spent N17.819 billion or $58.24 million on external debt.
Having spent N87.066 billion on servicing its domestic debt comprising of Treasury Bills, the FGN Bonds and Treasury Bonds in April, the amount dropped to N73.054 billion in May.
It however rose to N75.269 billion in June as the payment on the Savings Bond which was launched in March commenced.
The payment of yields on the FGN Bonds accounted for 53.8 per cent of the amount spent on domestic debt servicing, gradually dropping from N50.98 billion in April to N47.67 billion in May and N28.025 billion in June.
In its first payout on the Savings Bond, the DMO said government spent N67.813 million on the bond issuance which targets middle and low income earners.
Meanwhile, N99.268 billion was spent on Treasury Bills.
Payouts for interest on Treasury Bills dropped from N32.985 billion in April to N22.258 billion May before rising to N44.051 billion in June.
Meanwhile, the debt office has opened its offer for subscriptions for the Savings Bond.
The DMO is auctioning the 2-year September 20, 2019 bond at 13.817 per cent and the 3-year September 20, 2020 at 14.817 per cent.
The bond auction opened on Monday and will run till Friday, September 15.
