Nigeria proposing N3.1 trn debt service in 2021
Nigeria expects to spend a record N12.65 trillion in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday.
The spending by Africa’s largest economy, still reeling from low oil prices and the new coronavirus pandemic, is a 17.2% jump from the record N10.8 trillion budgeted this year.
The projected debt servicing payments would consume N3.1 trillion of the spending or just under 25%.
Additionally, revenues in the year are expected to reach N7.5 trillion in 2021, implying a higher deficit.
The document also said spending would focus on completing as many ongoing projects as possible, and that no new works would be allowed unless there were adequate resources to complete ongoing projects.