Nigeria made N3.42tn in 2020, debt servicing gulped N3.34tn – BudgIT - Punch Newspapers
The analysis also showed that the Federal Government made N3.42tn and spent N3.34tn 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.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.
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