The Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP document submitted to the National Assembly showed that the Federal Government plans to spend about two point four trillion naira of its over ten trillion naira 2020 budget estimates on debt servicing.
The MTEF/FSP document also indicated that the Federal Government has also adjusted the 2020 budget figures from nine point seven trillion to over ten trillion naira.
The document was accompanied by a letter from President Muhammadu Buhari to the Senate which was read during plenary by Senate President Ahmad Lawan.
Also the Federal Government is to borrow one point seven trillion naira. And of the amount, eight hundred and fifty billion naira will be domestic borrowing while the balance of eight hundred and fifty billion naira will be foreign.
