2020 Budget: N3.27trillion Spent On Debt Servicing As N1.8trillion Released For Capital Expenditure
The federal government has said that a total of N1.80 trillion was released for the financing of capital expenditure under its N10.8 trillion 2020 budget, while the sum of N3.27 trillion was spent for debt servicing for the year 2020.
This was disclosed in the 2020 budget performance details provided by the federal government this Tuesday morning in Abuja. The government has also said N3.32 trillion, which is a 24.5 per cent of the total expenditure of the 2021 budget will be spent on debt servicing.
Meanwhile, the minister of finance, budget and national planning, Zainab Ahmed who made the disclosure today at the 2021 approved budget breakdown, also announced that N3.19 trillion was spent for personnel cost, including pension in 2020 under the recurrent expenditure component of the budget.
The minister of finance also stated that government will be making a total sum of N709.69 billion from multilateral/bi-lateral loan drawdown to add to the funds to be raised from borrowing, sale of public assets to finance the deficit in the 2021 budget.