Godswill Michael
Nigeria spent a total of $7.15 billion on international payments between August 2024 and August 2025.
According to Datavox Media analysis of the latest data released by the Central Bank of Nigeria (CBN). The payments covered letters of credit, direct remittances, and debt service obligations.
The figures show that debt service dominated the country’s external payments, accounting for the largest share across the months under review.
In March 2025 alone, Nigeria committed $632.36 million to debt service—the single highest monthly outflow during the period.
In total, debt service payments reached $4.43 billion, representing well over half of the international payments within the year. Letters of credit amounted to about $1.23 billion, while direct remittances totaled $1.49 billion.
The data also highlight fluctuating monthly payments. The highest overall outflow was recorded in September 2024 at $798.26 million, followed by March 2025 with $786.86 million. The lowest was in June 2025 at $312.89 million.
Breaking down the numbers, letters of credit peaked at $150.86 million in October 2024, reflecting payments for international trade, while direct remittances were highest at $230.30 million in September 2024.
Analysts say the trend underscores Nigeria’s persistent debt service burden on its foreign exchange outflows, even as trade and remittance payments remain significant.
The CBN’s report, as analysed by Datavox Media, paints a clear picture: while Nigeria continues to meet its international obligations, the weight of debt servicing remains the dominant factor shaping the country’s external financial commitments.
