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FG spent 97 percent of its revenue to service debt in 2020 – Report

Federal Government spent N10.01tn in 2020, an analysis from BudgIT has shown.

The analysis also showed that the Federal Government made N3.42tn and spent N3.34tn (97 percent) on debt servicing in 2020.

According to analysed data by BudgIT, the Federal Government funded salaries, overhead, and capital expenditure with loans and the Central Bank of Nigeria’s Support.

In 2020, N5.37tn was projected as total revenue by the FG. Actual realised revenue, however, was N3.42tn.

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

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

The FG claimed that it made no revenue from stamp duties, domestic recoveries, assets and fines, even though it had a projected N437bn revenue from them, the report said.

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

The analysis also showed that the Federal Government disbursed only N359bn of N536bn on pensions in 2020.

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

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

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

TP

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