"Debt servicing gulped 106% of Nigeria’s revenue in 2022"

" Debt servicing gulped 106% of Nigeria's revenue in 2022 \r\nThe Nigerian government in 2022 spent a total of N5.65 trillion on debt servicing, representing 106 percent of the total N5.30 trillion revenue generated within the period.\r\n\r\nAccording to the 2022 FGN Budget Implementation report sighted by BusinessDay, the total revenue comprised N3.63 trillion from the Federation Account Allocation Committee (FAAC), and N1.67 trillion received from independent revenue sources.\r\n\r\nBusinessDay findings indicate a decline from N11.045 trillion in revenue in the 2022 approved budget.\r\n\r\nOn the other hand, the Federal Government\u2019s total expenditure stood at N14.63 trillion, leading to a deficit of N9.30 trillion. This is also a decline compared to the N21.82 trillion expenditure in the 2022 approved budget.\r\n\r\nAlso, a breakdown of the total expenditure showed that statutory transfer accounted for N810.12 billion, recurrent (non-debt) accounted for N5.03 trillion, capital expenditure gulped N3.13 trillion, and N1.24 trillion was spent on capital development fund.\r\n\r\nNon-debt recurrent expenditure comprised personnel costs at N3.49 trillion, overhead costs at N371 billion, other service-wide votes at N715 billion, and CRF pensions at N387 billion.\r\n\r\nBusinessDay had earlier reported that the Federal Government deployed almost all of its revenues generated within the first half of 2023 (99 percent) on debt servicing.\r\n\r\nFigures show that between January and June 2023, the total retained revenue of the Federal Government was N4.06 trillion, while it utilised N4.02 trillion on debt servicing within the same period.\r\n\r\nAccording to Olumide Ayodele, technical assistant to the director-general of the Budget Office, the government revenues have remained below expectations as out of the N5.52 trillion targeted for the first six months of the year, about N4.067 trillion was generated, indicating N1.46 trillion shortfall.\r\n\r\nHe noted that of the total N4.067 trillion retained revenue for the period, N604.1 billion was generated from the oil sector, while non-oil revenue was N1.14 trillion. Company income tax (CIT) and value added tax (VAT) were N592.68 billion and N195 billion respectively.\r\n\r\nThe total\u00a0 revenue collected by Customs Service \u00a0was N306.18 billion while other revenues amounted to N2.14 trillion.\r\n\r\nAccording to Ayodele, of the N7.76 trillion actual spending for the first half of the year, N4.02 trillion was spent on debt servicing and N2.28 trillion was spent on personnel cost, including pension.\r\n\r\nHe, however, noted that only about N475.98 billion has been released for capital expenditure as of June 2023.\r\n \r\n \r\n "

"Debt servicing gulped 106% of Nigeria’s revenue in 2022"

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