The rising cost of Nigeria’s debt profile breached a new milestone with the country’s debt service as a percentage of revenue rising to 99% in the first quarter of 2020. This is contained in the Medium-Term Expenditure Framework and Fiscal Strategy (MTEF/FSP) report recently released by the Federal Ministry of Finance, Budget, and National Planning A cursory review of the data obtained from the MTEF/FSP report shows that in Q1 2020, Nigeria incurred a total sum of N943.12 billion in debt service while the federal government retained revenue was put at N950.56 billion. This implies Nigeria’s debt service to revenue is estimated to be 99% during the period. This is the highest on record and it suggests a lmost all the revenue generated from both oil and non-oil sources was used to meet debt service obligations. Debt service , recurrent expenditure, and Revenue Breakdown Nigeria like the rest of the world has been battling with th e COVID-19 pandem