The Federal Government spent N1.25 trillion among January and May 2020 on debt servicing, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said. Nigeria’s present obligation stock is over N33 trillion.
She gave the figures on Friday during virtual consultative meeting with CSO’s, the composed private segment and the overall population on the draft 2021 – 2023 Medium Term Expenditure Framework/Fiscal Sustainability Paper (MTEF/FSP).
Giving a report on the underlying 2020 spending execution among January and May, she said on the consumption side, N9.97 trillion was appropriated (barring Government-claimed ventures and Project tied credits), while N3.52 trillion (speaking to 84.8% of the prorata N4.16 trillion) was spent.
Of the use, she said N1.25 trillion was for debt servie, and N1.32 trillion for staff cost, including benefits.
Along these lines as toward the finish of May 2020, just N253.33 billion had been discharged for r capital expenditure, a situation she attributes largely to the budget revision exercise.
READ ALSO: 40-Years Old Man Arrested For Allegedly Sleeping With His Two Under Aged Daughters in Lagos
On incomes execution she said as at end of May 2020, FGN’s held income was N1.48 trillion, 56% of target while non-oil charge incomes totalled N439.32bn (65% of amended objective).
As per Mrs. Ahmed, different incomes added up to N339.51 billion, of which free incomes was N80.22 billion (21% of target).
Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal accounts.
On the MTEF projections, she said the anticipated FG net income is N6.71trn in 2021, N7.8trn in 2022 and N8.6trn in 2023.
She anyway said a financial shortage of N5.16trn in 2021 is envisioned. On key presumptions, she said from 2021-2024 the oil benchmark cost is anticipated at $40, and conversion standard at $360/$1.
READ ALSO: N-Power 2020 Batch C Recruitment : Requirements And How To Register (Complete details here)
She additionally said the creation is anticipated at 1.8m barrels every day in 2021, 2.09m in 2022 and 2.38m in 2023.
On GDP projections, she said
“oil GDP is relied upon to shrink by 12.96% in 2020, year on year, causing an economy-wide drag coming about in more slow development in non-oil GDP by – 3.6%, year on year. “In view of this, genuine GDP is relied upon to decrease by 4. 2% in 2020.
“The ostensible GDP is relied upon to increment from N130,836.1 billion out of 2020 to N132,125.4 billion of every 2021 and afterward up to N138,415.8 billion out of 2023.
“Similarly, consumption expenditure is projected to stay flat at N118,735.2 billion in 2020 and N118,468.7 billion in 2021 and grow to N124,358.5 billion by 2023, reflecting a gradual steadiness in the recovery.
