The Federal Government has spent N612.71 billion from January to March 2021 to service domestic debt obligations.

In a report by the Debt Management Office, the government redeemed its Nigerian Treasury Bills (obligations by paying holders of mature NTBs N17.23 billion in January, N12.3 billion in February and N5.49 billion in March 2021– totalling N35.03 billion paid to NTB holders in the first quarter of the year.

Also, the federal government paid N537.783 billion in three instalments of N201.95 billion in January, N79.26 billion in February and N256.58 billion in March to the golders of FGN bonds.

The government also redeemed its obligations to subscribers of mature FGN Savings Bond by paying out N308.38 million in three tranches of N111.65 million in January, N97.074 million in February and N99.65 million in March 2021.

While the sum of N8.16 billion was released to settle FGN Sukuk Rentals in March 2021 with no payout made for the previous two months.

While no releases were made for mature promissory notes in the three months, the government released N31.44 billion as principal repayment “in respect of promissory notes.

A month-on-month breakdown indicated that a total of N219.29 billion was released to service domestic debts in January, N123.09 billion was released in February while N270.33 billion was released in March, thus bringing the total amount spent to service domestic debt to N612.71 billion.