The Federal Government has disclosed that it spent 4.2 trillion naira on debt servicing between January and November 2021. 

This sum represents 76.2 per cent of the 5.51trillion naira revenue generated during the period under review. 

The Minister of Finance, Budget and National Planning, ZAINAB AHMED, disclosed this in Abuja during the public presentation of the details of the 2022 Appropriation Bill, signed by the President, MUHAMMADU BUHARI on December 31, 2021. 

The presentation, which included an overview of the 2021 budget implementation, revealed that oil revenue contributed 970.3 billion naira to the total revenue generated within the period, while non-oil tax contributed 1.6 trillion naira. 

Other revenues amounted to 2.8 trillion naira.

She added that the performance was inclusive of expenditure estimates of the GOEs but exclusive of project-tied loans. 

The total expenditure constitutes 4.20 trillion naira spent on debt servicing, 3.02 trillion naira on personnel cost, including pensions, and 3.2 trillion naira expended on capital projects. 

She however stressed that the figures for 2021 were provisional and, as such, subject to updates and reconciliation. 

She disclosed that the total revenue generated by the government within the 11-month period was 5.51 trillion naira while expenditure stood at 12.56 trillion naira. 

This resulted in a budget deficit of 7.1 trillion naira, which is 1.14 trillion naira higher than the prorated budget of 5.9 trillion naira for the period under review.