Debt servicing gulps N1.8trn in 5 months – FG

Debt servicing gulps N1.8trn in 5 months – FG

Debt servicing gulps N1.8trn in 5 months – FG


 

 

The Federal Government says it has spent N1.8 trillion to service debt between January and May this year, an amount higher than N1.25 trillion on debt service in the same period of 2020.

The government also disclosed that within the same period, it released N973.13 billion for the implementation of capital projects contained in the 2021 budget between January and May.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed these at the presentation of the draft for 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper in Abuja on Thursday.

According to the minister, as of May, the Federal Government had spent 92.7 per cent of the prorate budget, which amounted to N4.8 trillion.

Out of this amount, N1.8tn was released for debt servicing, which represented 37 per cent of expenditure; N1.5tn was spent on personnel cost, including pensions while N973.13 billion was spent on capital projects.

The MTEF/FSP presents the development priorities of the Federal Government for the period covered.