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FG Spent N1.25trn On Debt Servicing In Five Months – Finance Minister

Zainab Ahmed, Minister of Finance, Budget and National Planning, on Friday, during a virtual consultative session with CSOs, the organised private sector and the general public, on the draft 2021 – 2023 Medium Term Expenditure Framework/Fiscal Sustainability Paper (MTEF/FSP), disclosed that the federal government spent N1.25 trillion between January and May 2020 on debt servicing.

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She also said the nation’s current debt stock is around N33 trillion and counting.

The finance minister, while giving update on the initial 2020 budget performance between January and May, stated that N9.97 trillion was appropriated on expenditure, excluding government-owned enterprises and project-tied loans, while N3.52 trillion, representing 84.8 percent of the pro rata N4.16 trillion was spent.

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Ahmed further revealed that N1.32 trillion was expended on personnel cost, including pensions.

According to her, N253.33 billion was released for capital expenditure as at the end of May 2020, a situation she attributed largely to the budget revision exercise.

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On revenue performance, the minister said as at the end of May, federal government’s retained revenue was N1.48 trillion, which is 56 percent of the target, while non-oil tax revenues totalled N439.32 billion, a 65 percent representation of the revised target.

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She noted that revenues amounted to N339.51 billion, of which independent revenues was N80.22 billion, representing 21 percent of the target.

Ahmed added that recoveries and stamp duty collected during the period are yet to be booked in the fiscal accounts.

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