FG spent N5.24trn on debt service in 2022 – Minister

The Federal Government spent N12.87 trillion against the N17.126 trillion budgeted for 2022 as at November 30, 2022.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion was for personnel costs.

Ahmed said this at the Public Presentation and Breakdown of the Approved Federal Government 2023 Budget on Wednesday in Abuja.

“The actual spending as of November 30 was N12.87 trillion.

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“Of this amount, N5.24 trillion was for debt service; N3.94 trillion for personnel costs, including pensions; Statutory Transfers, Overhead and Service Wide Votes expenditures totalled N1.81 trillion; and N1.88 billion was released for capital expenditure,” she said.

The minister said the fiscal deficit for 2022 was estimated at N8.17 trillion, inclusive of the supplementary Budget.

She also added that as at November 30, 2022, the deficit was N6.37 trillion.

“The deficit was totally financed by borrowings, mostly from domestic sources,” the minister added.

President Muhammadu Buhari signed the 2023 Appropriation Bill of N21.83 trillion into law on Tuesday.

However, the National Assembly (NASS) passed the 2023 Budget on December 28, 2022 after it was laid before a joint session of the NASS on October 7, 2022.

The Star