Worried about the rise in Federal Government’s votes for debt servicing and their negative impact on development projects, leaders and economic experts have urged the current administration to do away with deficit-induced borrowings.
Between 2016 and 2021, N13.465 trillion has been spent on loan servicing, just as the National Assembly approved government’s plan in the 2022-2024 Medium-Term Expenditure Framework to spend N14.6 trillion to service debt in the next three years .
In 2017, the budget of N7.4 trillion was based on revenue of N4.9 trillion with a deficit of N2.36 trillion. N1.488 trillion was voted to service debt. The COVID-19 year of 2020 with a budget of N10.59 trillion was worse. The sum of N2.72 trillion was budgeted for debt servicing. In an exclusive interview with The Guardian, Director General of Nigeria Employers’ Consultative Association , Dr Timothy Olawale, deplored the rising borrowings by government to fund non-productive sector of the economy.
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