FG spent N3.34tn on debt servicing, from N3.42tr income in 2020 –BudgIT

The Federal Government made N3.42 trillion and spent N3.34 trillion on debt servicing in 2020.

Analysed data by BudgIT revealed that the Federal Government funded salaries, overhead, and capital expenditure with loans and the Central Bank of Nigeria’s Support.

In 2020, N5.37 trillion was projected as total revenue by the Federal Government. Actual realised revenue, however, was N3.42 trillion.

Nigeria made N1.41 trillion from oil as against its projected N1.01 trillion in 2020, the report said.

The Federal Government made N1.26 trillion from non-oil revenue sources as against the projected N1.62 trillion for the year.

The Federal Government claimed that it made no revenue from stamp duties, domestic recoveries, assets and fines, even though it had a projected N437 billion revenue from them, the report said.

The FG’s total expenditure was N10.01 trillion, which represented a 93 per cent performance when compared with the FG’s N10.8 trillion budget for 2020.

The analysis also showed that the Federal Government disbursed only N359 billion of N536 billion on pensions in 2020.

Cost of servicing debt was N3.34 trillion of total revenue.

In the year, the Federal Government spent only N1.60 trillion on capital expenditure as against its N2.69 trillion budget.

However, N428.03 billion was disbursed for statutory transfers in 2020. No breakdown was presented by the Federal Government, the report added.

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