The Federal Government exceeded its debt service allocation by N1.15 trillion between January and November 2021.
According to a copy of the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed’s public presentation of the approved 2022 budget, the Federal Government allocated N3.32 trillion for debt servicing in 2021.

Domestic debt was expected to consume 2.18 trillion naira, foreign debt N940.98 billion naira, and sinking fund N200 billion naira of the total of N3.33 trillion naira of the total of N3.33 trillion naira of the total of N3.33 trillion naira of the total of N3.33 trillion naira of the total of N3.33 trillion naira The document also stated that the Federal Government hoped to spend a total of N3.05tn on debt servicing from January to November 2021, based on the allocation.

It hoped to spend about N2 trillion on domestic debt servicing, N862.48 billion on foreign debt servicing, and N183.33 billion on sinking fund.

However, according to the minister’s presentation document, a total of N4.2tn was spent on debt servicing in 11 months, representing a difference of N1.15tn or 37.9% of the money allocated for debt servicing during the period.

The government spent approximately N2.2 trillion on domestic debt servicing, N885.01 billion on foreign debt servicing, and N600 million on sinking fund.

Despite the fact that there was no budget for interest payments on Ways and Means, the government’s borrowing from the Central Bank of Nigeria, the government spent N1.12 trillion on interest payments. This then fuels speculation that the payment of Ways and Means interest was a significant contributor to the excess in debt service allocation.

According to Brandspurng, the Federal Government’s excessive borrowing from the CBN through the Means and Ways Advances window could have a negative impact on the apex bank’s monetary policy, harming domestic prices and exchange rates.

SOURCE:https://brandspurng.com/2022/01/17/fg-overshoots-debt-servicing-by-n1-15tn-in-11-months/

Evil party. Mr Borrower. Terrorist sympathizers. Terrorist sponsors.

And they want Peter Obi to come and do what ? Nigeria is gone

How can u be making 350 billion a month wage Bill is 180billion debt servicing is around 300 billion so u are minus 130 billion monthly at least and u still have the mind to propose a budget of 16 trillion naira ...

Abeg abeg Peter obi relax make them cucuma scatter Nigeria ...u would be first president of Igbo nation

Ok
Sometimes I keep asking myself what this government will show as their achievement after their tenure ..
Cause me I see nothing ooo

mrvitalis:
And they want Peter Obi to come and do what ? Nigeria is gone

How can u be making 350 billion a month wage Bill is 180billion debt servicing is around 300 billion so u are minus 130 billion monthly at least and u still have the mind to propose a budget of 16 trillion naira ...

Abeg abeg Peter obi relax make them cucuma scatter Nigeria ...u would be first president of Igbo nation

Watch how he would be on another thread to rally support for Peter (Him Tu Lie) Obi for president of the Federal Republic of Nigeria.

Buhari is the worst thing that happened to Nigeria.

Those defending Buhari's chronic borrowing keep telling us that USA and co also borrow. Have you checked how much they spent on debt servicing?

6.8 trillion dollars was USA budget for 2021. USA spent 300 billion dollars on debt servicing. That means they spent 4.4% of national budget to service debt.

Nigeria will spend about 21% of the national budget to service debt in 2022.

A poor country spending 21% to service debt VS a rich country spending 4.4% to service debt.

maiiilooo:
Ok
Sometimes I keep asking myself what this government will show as their achievement after their tenure ..
Cause me I see nothing ooo

Open your eyes

Already feeling sorry for whoever will take over.

maiiilooo:
Ok
Sometimes I keep asking myself what this government will show as their achievement after their tenure ..
Cause me I see nothing ooo

Same here o...


Na unintelligent people dey shout Tinubu 23 upandan. Useless set of unexposed mUdafVckN asslickers.

G

Take money, then beg for debt forgiveness......... No be 419 be dat........

Nigeria my country!
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It is no secret that Buhari and his cohorts are robbing the national coffers in broad daylight. The fact that he planted worms about town derailing issues that expose them is also not a secret. He has slugs even here on nairaland. These are miscreants with no substantial knowledge of how the system works. They are plugs inserted to cause hysteria and pandemonium while chanting victory declarations over a failed government. They think that bullying people and controlling freedom of speech will cement the truth forever.
This government chaired by the relatives of Buhari has all but borrowed more than the US has in two dispensations. To mention that nothing was achieved with this colossal amount is overbearing. Even our grandkids will not be able to repay these loans. Which means, that all the oil that we sell from now till 2050 will be set aside for loan repayment. So, the next president will have nothing to work with but to seek more loans. The biggest projects in the world are run by working governments. No monumental construction happened under Buhari. Buhari did not establish any factory, he did not create any industry, let alone turn the light on any failing industry. Talk about the water corporation? Coal industry? The oil sector, No! Agriculture, No! Education, No! Nothing on ground to generate wealth for the country. He could have invested in agriculture to complement the oil but he spent more time looking for oil in the desert than actually milking the existing oil that the north has, agriculture.
Sad, but to watch another old and sagging frail man without a vision for development replace this government. Crime is 10 times higher than before. Buhari has sealed up all sources of wealth generation, leaving the youths he calls Lazy to seek heinous crimes as a solution to their misery. I am an independent (do not believe in politics and have no affiliation to any party), so this is not a hate speech but a reality check.
Supporting power grabbers based on religious or tribal affinity is a crime. You deny meritorious characters the opportunity to create a change that will benefit all.

Xscape1993:
Evil party. Terrorist sympathizers. Terrorist sponsors.

Do Buhari and APC have a destiny to wreck this country completely and bury all of us in massive debts

That is only thing Buhari knows what to do just to be collecting loan...one of his achievements

That is what we were complaining about when he went on borrowing spree.

Mumu BMC who cannot think logically supports any foolish decision made by the administration.

Now debt servicing is more than 4 trillion naira, debt servicing not full repayment ooo.

How will the economy survive in such situation?

All so called investment cannot repay any amount on its investment. Railway already developing issues.

see your life outside and your father.

Abeg Nigeria should gettat........
Anybody still operating in Naira now is on his own

Buhari and misplaced priorities...

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but can someone explain how nigerian has one of the least debt amount other countries , i check the debt other countries are owing foregn countries and nigeria happened to be least on the list

That's too bad

China go soon collect this country free of charge

mrvitalis:
And they want Peter Obi to come and do what ? Nigeria is gone

How can u be making 350 billion a month wage Bill is 180billion debt servicing is around 300 billion so u are minus 130 billion monthly at least and u still have the mind to propose a budget of 16 trillion naira ...

Abeg abeg Peter obi relax make them cucuma scatter Nigeria ...u would be first president of Igbo nation

I said it earlier, no Southerner should worry about being president at this time...

We should rather start planning on how to separate the so called one Nigeria, one Nigeria is actually not working.

FG self

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Minister of debt and borrowing.