Nigeria’s finance minister, Zainab Ahmed had revealed that the nation spent N2.02 trillion on debt servicing within the first six months of 2021 (January-June).
She stated that the figure represents 90.6 percent of the retained revenue of N2.23 trillion for the period.
Ahmed stated this on Monday, in Abuja, during the 2022- 2024 2022-2024 medium-term expenditure framework/ fiscal strategy paper (MTEF/FSP) committee interactive session.
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Ahmed stated that the federal government’s retained revenue amounted to 67.3 percent of the target.
“Of the expenditure, N2.02 trillion was for debt servicing, which is 35 percent of the Federal Government expenditures and N1.795 trillion for personnel cost,” Zainab said.
“This is including pension at 30.9 percent of Federal Government revenue.”
She also noted that as of June, N1.3 trillion, which represented 84.7 percent, had been released for capital expenditure.