Zainab Ahmed, Minister of Finance, Budget and National Planning, says the Federal Government spent N5.24 trillion on debt servicing between January and November 2022.
The amount comes to 80.6% of the government’s N6.5 trillion retained revenue for the same period.
The Minister who was speaking during the public presentation and breakdown of the approved 2023 budget in Abuja yesterday said the federal government’s share of oil revenues generated within the period was N586.71 billion coming to a 35.7 percent performance, while non-oil tax revenues amounted to N2.09 trillion — a performance of 123.3 percent.
Speaking on funding sources for the 2023 budget, Mrs. Ahmed said 22 percent of projected revenues will come from oil-related sources while 78 percent will be earned from non-oil sources, while the budget deficit will be financed mainly by borrowings.
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