The Federal Government said that it spent 4.2 trillion on debt servicing between January and November 2021.
This sum represents 76.2 per cent of the 5.51 trillion naira revenue generated during the period under review.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said this in Abuja during the public presentation of the details of the 2022 Appropriation Bill, signed by the President, Muhammadu Buhari.
The presentation, which included an overview of the 2021 budget implementation, revealed that oil revenue contributed 970.3 billion naira to the total revenue generated within the period, while non-oil tax contributed 1.6 trillion naira. Other revenues amounted to 2.8 trillion.
Zainab explained that, as of November 2021, aggregate revenue was 5.51 trillion which is 74 per cent of target.
On expenditure, the minister noted that the government spent 12.56 trillion out of the 13.57 trillion prorated budget, within the review period.
