NewStats: 3,263,603 , 8,180,714 topics. Date: Friday, 06 June 2025 at 06:40 PM 6w291e

The Federal Government spent N1.25 trillion between January and May 2020 on debt servicing, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said. Nigeria’s current debt stock is over N33trn.

She gave the figures on Friday during virtual consultative session with CSO’s, the organised private sector and the general public on the draft 2021 – 2023 Medium Term Expenditure Framework/Fiscal Sustainability Paper (MTEF/FSP).

Giving an update on the initial 2020 budget performance between January and May, she said on the expenditure side, N9.97 trillion was appropriated (excluding Government-owned enterprises and Project tied loans), while N3.52 trillion (representing 84.8% of the prorata N4.16 trillion) was spent.

Of the expenditure, she said N1.25 trillion was for debt service, and N1.32 trillion for personnel cost, including pensions. Thus as at the end of May 2020, only N253.33 billion had been released for capital expenditure, a situation she attributes largely to the budget revision exercise.

On revenues performance she said as at end of May 2020, FGN’s retained revenue was N1.48 trillion, 56% of target while non-oil tax revenues totalled N439.32bn (65% of revised target).

According to Mrs. Ahmed, other revenues amounted to N339.51 billion, of which independent revenues was N80.22 billion (21% of target).

Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal s. On the MTEF projections, she said the projected FG net revenue is N6.71trn in 2021, N7.8trn in 2022 and N8.6trn in 2023.

She however said a fiscal deficit of N5.16trn in 2021 is anticipated. On key assumptions, she said from 2021-2024 the oil benchmark price is projected at $40, and exchange rate at $360/$1.

She also said the production is projected at 1.8m barrels per day in 2021, 2.09m in 2022 and 2.38m in 2023.

On GDP projections, she said “oil GDP is expected to contract by 12.96% in 2020, year on year, causing an economy-wide drag resulting in slower growth in non-oil GDP by -3.6%, year on year. “Based on this, real GDP is expected to decline by 4. 2% in 2020.

“The nominal GDP is expected to increase from N130,836.1 billion in 2020 to N132,125.4 billion in 2021 and then up to N138,415.8 billion in 2023.

“Similarly, consumption expenditure is projected to stay flat at N118,735.2 billion in 2020 and N118,468.7 billion in 2021 and grow to N124,358.5 billion by 2023, reflecting a gradual steadiness in the recovery.

“Inflation, however, is expected to remain above single digit” she stated.

Source: https://www.dailytrust.com.ng/fg-spent-n1-25trn-on-debt-service-in-5-months.html

hmm!

Better to go to bed hungry than to wake up with debt.

Like seriously.. What type of economic system does Nigeria have, socialist or capitalist?

I've always said it that debt is the biggest barrier to sustainable progress, it is a parasite to wealth, and an economic termite that cripples steady success. You can't continuously be in debt and make sustainable growth. I wonder why this govt can't ask themselves why no other country has applied to borrow from Nigeria? cos we are in an economic pit.

No be them borrow the money and still borrowing? Meanwhile, large chunk of the borrowed sum was diverted into private pockets.

I boy this country na cruise oh. On auto pilot cruise

This Buhari government no just balance, I swear

30% of the money went on NASS to buy cars and huge salaries.

Are They Paying The Dept Or Servicing The Dept?
Then Who Will Pay The Dept They Put Into Serviceing?

Of the expenditure, she said N1.25 trillion was for debt service, and N1.32 trillion for personnel cost, including pensions. Thus as at the end of May 2020, only N253.33 billion had been released for capital expenditure, a situation she attributes largely to the budget revision exercise On revenues performance she said as at end of May 2020, FGN’s retained revenue was N1.48 trillion, 56% of target while non-oil tax revenues totalled N439.32bn (65% of revised target).

Retained revenue - N1.48tr

Debt service - N1.25tr
Personnel cost - N1.32tr
Total = N2.57tr (loss of N1.09tr)

Capital expenditure which is suppose to finance debt service - N253.33bn

Summary: we are borrowing to consume and service debts, while accruing more loss higher than capital expenditure which is suppose to fund debt servicing.

Clueless government that doesn't know jack about income generation

And if you asked them about what they have done with the original loan money,na so so story we go dey hear

slimfit1:
30% of the money went on NASS to buy cars and huge salaries.

Can't u read ? ...why are u people this dumb

Esseite:


Retained revenue - N1.48tr

Debt service - N1.25tr
Personnel cost - N1.32tr
Total = N2.57tr (loss of N1.09tr)

Capital expenditure which is suppose to finance debt service - N253.33bn

Summary: we are borrowing to consume and service debts, while accruing more loss costing more than capital expenditure which is suppose to fund debt servicing.

Our only chance is making peter obi president ...if not it is doomed for us

"Why Nigeria will continue to borrow" -Finance minister.
Debt servicing is not debt payment una no dey hear but just a drench on the little resources available.Clueless govt.

This fraud called Nigeria wont get any better than this present state. God why you push me come this country sef

SmartProf:
I've always said it that debt is the biggest barrier to sustainable progress, it is a parasite to wealth, and an economic termite that cripples steady success. You can't continuously be in debt and make sustainable growth. I wonder why this govt can't ask themselves why no other country has applied to borrow from Nigeria? cos we are in an economic pit.

to

Jesu!

hmmmmmmmmmmmmmmmm

And zombies still want us to believe that Buhari is competent

Fire on. Sai baba till 2051.

Nigeria on auto ebay market.

I weep that a blessed nation like ours have been sold into economic servitude. Imagine what 1.2trn could do. The worst is that, we are not even paying the debts we owe, we are just paying the interests on the debt.

I weep because my children have no future again. Their future have been mortgaged. I can't keep quiet and fold my hands.

Arise fellow Nigerian youths. We are slaves in our fatherland.

Nigeria is the poverty capital of the world.....
Infrastructures? Zero. Health care? Non existent. Power? Not at all. Education and security? Nightmare... Yet a united greedy few continue to plunder our Commonwealth while dividing us youths along ethnic and religious lines. We are wiser now... We must save our society from collapse!



the movement through the link above or search ' Our Future is Now' on telegram

us as we Salvage Nigeria
Our Future is Now
# A New Nigeria

Na wa o

Scam united

Esseite:


Retained revenue - N1.48tr

Debt service - N1.25tr
Personnel cost - N1.32tr
Total = N2.57tr (loss of N1.09tr)

Capital expenditure which is suppose to finance debt service - N253.33bn

Summary: we are borrowing to consume and service debts, while accruing more loss costing more than capital expenditure which is suppose to fund debt servicing.

This is what happens when clowns run an economy

Hmm 9Ja govt

We were screaming in July 2015 when total debt was N12 trillion not knowing we will almost triple the figure in 5 years:

LAGOS — Nigeria’s total internal and external debt stock stood at N12.06 trillion or $63.5 billion as at the end of March this year, up from N11.2 trillion or $67.726 billion in December 2014 according to figure released by the Debt Management Office (DMO) yesterday.

https://www.vanguardngr.com/2015/07/n12trn-debt-profile-worsens-nigerias-woes/

Sai baba