No thanks to the sombre mix of an $83 billion debt; rising recurrent expenditure; increased cost of debt servicing; sustained fall in revenue; and about $22 billion debt plan waiting for legislative approval. It notes that in the three quarters ending September 30, 2019, the Federal Government recorded a deficit in excess of N1trillion. Although it recorded revenue of N3.86 trillion, the Federal Government spent N5.86 trillion on recurrent expenditure, meaning that N2 trillion was borrowed to fund recurrent expenses. “In 2018, the Federal Government spent N2.09 trillion on servicing public debts, a figure that grew from N1.63 trillion in 2017. According to him, “Actual recurrent non-debt expenditure was N2.51 trillion in 2016; N2.76 trillion in 2017; and N3.103 trillion in 2018.

Source: The Guardian January 02, 2020 04:41 UTC