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The review shows that debt servicing is expected to cost N15.5 trillion in 2026, N19.4 trillion in 2027, and another N19.4 trillion in 2028.

Areview of the recently approved Medium Term Expenditure Framework (MTEF) of the Nigerian government for 2026 to 2028 has shown that debt servicing will gulp N54.3trillion of Nigeria's revenue over the three-year period.

The review shows that debt servicing is expected to cost N15.5 trillion in 2026, N19.4 trillion in 2027, and another N19.4 trillion in 2028.

Earlier, a SaharaReporters' review of debt service payments published by the Central Bank of Nigeria revealed that the Bola Tinubu-led Nigerian government spent a total of $9.9 billion on external debt servicing between June 2023 and August 2025.

According to the data, $302.2 million was spent in August 2025, $179.9 million in July 2025, and $143.3 million in June 2025. The amount for May 2025 stood at $230.9 million, April at $557.7 million, March at $632.2 million, February at $276.7 million, and January at $540.6 million.

In December 2024, the payment stood at $328.9 million. November 2024 recorded $232.4 million, October $515.8 million, September $515.8 million, August $279.9 million, July $542.5 million, June $50.8 million, May $854.3 million, April $215.2 million, March $276.1 million, February $283.2 million, and January $560.5 million.

For December 2023, the payment stood at $65.6 million. November 2023 recorded $367.7 million, October $509.7 million, September $439 million, August $309.9 million, July $641.6 million, and June $54.3 million.

A previous data review by SaharaReporters from the Debt Management Office (DMO) shows that the Bola Tinubu-led administration spent more on domestic debt servicing in 2024 than Nigeria did in any single year over the past twenty-nine years, dating back to 1996.

In 2024 alone, domestic debt servicing reached N5.9 trillion, while external debt servicing amounted to $4.656 billion. The external debt service figure recorded in 2024 is the second-highest incurred by the country since 1985. Only in 2006 did Nigeria spend more on external debt servicing, when it incurred $6.7 billion.

The domestic and external servicing figures for the 2024 fiscal year represent a sharp increase from 2023, when domestic debt servicing stood at N4.381 trillion and external servicing cost $3.5 billion.

The upward trend has been consistent in recent years. In 2022, domestic debt servicing was N2.560 trillion, while external payments stood at $2.405 billion. In 2021, the country spent N2 trillion and $2.109 billion on domestic and external debts respectively, while in 2020, the figures were N1.854 trillion and $1.556 billion.

Looking further back, Nigeria’s external debt servicing remained below $4.6 billion annually from 2005 to 2023, with a notable exception in 2006, when the country paid $6.727 billion.

For instance, external debt servicing stood at $1.333 billion in 2019, $1.472 billion in 2018, and just $464 million in 2017. Earlier years such as 2015, 2014, and 2013 recorded even lower figures, with payments of $331 million, $346 million, and $297 million respectively. The highest recorded figure before 2006 was in 1990, when external debt servicing hit $3.5 billion.

On the domestic front, Nigeria had never spent as much as N5.9 trillion on debt servicing before 2024.

Previous years recorded significantly lower amounts, with domestic debt servicing peaking at N1.606 trillion in 2019 and generally remaining below N2 trillion throughout the 2010s.

For example, in 2018 and 2017, the figures were N1.797 trillion and N1.476 trillion respectively, while earlier years such as 2015 and 2014 saw even lower expenditures.

Historical data from 1996 to 2005 indicates that the highest domestic debt servicing during that period was N203 billion in 2004.