FG to service debt with N14.6tn in three years - Punch Newspapers

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The Federal Government plans to spend a total sum of N14.6tn on debt servicing between 2022 and 2024, an analysis of official data have shown.

The total projected expenditure for 2022 stood at N13.95tn, comprising N3.4tn for non-debt expenditure, N3.6tn for debt servicing and N3.61tn for the implementation of capital projects. In the 2024 fiscal year, the government plans to spend N16.8tn to finance its budget, with debt servicing and recurrent expenditure constituting the largest shares, at N6.1tn and N6.4tn respectively.The MTEF/FSP report said the 2022 and 2023 budgets would be prepared based on an oil production volume of 1.88 and 2.23 million barrels per day, respectively, with a benchmark oil price of $57 per barrel and an exchange rate of N410.15 to a dollar.

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