Nigeria Has Spent Almost All Of Its Five-month Income On Debt
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The Federal Government of Nigeria spent 97.5 per cent of its January-May revenue on debt.
According to the 2021 budget call circular released by the Budget Office, the Federal Government received a total revenue of ₦1.62 trillion instead of the current ₦2.62 trillion.
In the last five months, ₦1.58 trillion has been disbursed; that is 97.5 per cent of the ₦1.62 trillion in revenue.
In June, the International Monetary Fund (IMF) predicted that debt servicing would gulp the entire Federal Government’s revenue.
According to the document, the Federal Government has spent ₦3.98 trillion in five months; ₦1.79 trillion has been set aside for non-debt recurrent expenditure, including salaries, pensions and overheads.
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