The Nigeria Minister of Finance, Zainab Ahmed, has reportedly said that the country spent N2.02 trillion naira on the servicing of foreign debts in the first six (6) months of 2021 (January-June). ayokinews.com reports
Mrs. Ahmed, while speaking during a committee interactive session of the 2022- 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP), noted that the N2.02 trillion naira represents the 90.6% of the N2.23trillion naira revenue generated during the period.
She also noted that 67.3% of the target was retained by the federal government.
She said, “Of the expenditure, N2.02 trillion was for debt servicing, which is 35 percent of the Federal Government expenditures and N1.795 trillion for personnel cost,” Zainab said.
“This is including pension at 30.9 percent of Federal Government revenue.”
She further noted that as of June, N1.3 trillion naira, which represented 84.7 percent was released for capital expenditure.