The Federal Government spent N1.25 trillion between January and May 2020 on debt servicing, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said. Nigeria’s current debt stock is over N33trn.
She gave the figures on Friday during virtual consultative session with CSO’s, the organised private sector and the general public on the draft 2021 – 2023 Medium Term Expenditure Framework/Fiscal Sustainability Paper (MTEF/FSP).
Giving an update on the initial 2020 budget performance between January and May, she said on the expenditure side, N9.97 trillion was appropriated (excluding Government-owned enterprises and Project tied loans), while N3.52 trillion (representing 84.8% of the prorata N4.16 trillion) was spent.
Of the expenditure, she said N1.25 trillion was for debt service, and N1.32 trillion for personnel cost, including pensions.