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FG Spent N1.9trn On Debt Service In 4 Months

The federal government has so far released the sum of N4.72trn to finance some of the expenditure items contained in the 2022 budget.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed gave the figure during a consultative forum on the 2023-2025 Medium Term Fiscal Framework on Tuesday in Abuja.

The 2022 N17trn budget was signed into law on December 31 last year by President Muhammadu Buhari.

The breakdown of the budget include N869bn for statutory allocation, N3.8trn for debt servicing, N6.9trn and N5.4trn for recurrent and capital expenditure respectively.

Speaking at event, Ahmed said out of the N4.72trn spending, the goverment released N1.9trn for debt service while personnel costs and pensions gulped the sum of N1.26trn.

She said the balance of N773.63bn was spent by the federal government on capital projects.

On revenue performance, the minister explained that between January and April this year, the federal government generated the sum of N1.63trn.

She said out of the N1.63trn, the sum of N285.38bn came from oil revenue which represents 39 per cent performance, while non-oil revenue collection was put at N632.56bn representing about 84 per cent performance.

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