The World Bank in its latest International Debt Report, has revealed that developing nations spent an unprecedented $1.4 trillion on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years,
The cost of servicing Nigeria’s foreign debt has surged by 107.7% to reach N3.8 trillion, significantly exceeding the projections outlined in the 2024 budget between January and August.
