Finance minister Zainab Ahmed disclosed that the regime has reached a debt stock of 50 trillion.
Ahmed explained that there were plans to spend N19.76 trillion next year, out of which the government could only raise N8.46 through oil sales and other revenues.
“The regime plans to spend N19.76 trillion next year, out of which the government could only raise N8.46 through oil sales and other revenues. She made the statement while addressing a hearing of the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework in Abuja on Monday afternoon.‡
She also assured that while the amount currently used in debt servicing had overshot appropriation in the 2022 budget, systems had been put in place to manage the situation.
“We planned that 60 percent of revenue would be spent on debt servicing, but in some months, the ratio went up to 90 per cent.
“We have been able to, consistently without fail, serviced our debt and we do not have any projections even in the near future that we will fail.”