Nigeria earned N3.42 trillion in 2020, but debt service consumed N3.34 trillion – BudgIT
.According to a BudgIT research, the Federal Government will spend N10.01 trillion in 2020. The analysis also revealed that in 2020, the Federal Government earned N3.42 trillion and spent N3.34 trillion on debt servicing. According to data analyzed by BudgIT, the Federal Government supported salaries, overhead, and capital spending using loans and support from the Central Bank of Nigeria.
The FG forecasted N5.37 trillion in total income in 2020. The actual realized revenue, on the other hand, was N3.42 trillion. According to the report, Nigeria earned N1.41 trillion from oil, compared to its expected N1.01 trillion in 2020. The Federal Government earned N1.26 trillion from non-oil revenue sources, compared to the predicted N1.62 trillion for the year. According to the report, the FG claimed that it received no revenue from stamp duties, domestic recoveries, assets, and fines, despite having a predicted revenue of N437 billion from them.
The FG’s overall expenditure was N10.01 trillion, representing a 93% performance as compared to the FG’s N10.8 trillion budget for 2020. The analysis also revealed that the Federal Government spent only N359 billion out of a total of N536 billion on pensions in 2020. The cost of debt servicing was N3.34tn of total income. In comparison to its N2.69tn budget, the Federal Government spent only N1.60tn on capital spending throughout the year. However, N428.03 billion was spent on statutory transfers in 2020. The Federal Government provided no breakdown, according to the report.