FG Spent N5.24tr To Service Debt In 2022 – Minister

Ahmed said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion for personnel costs.

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

Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, said this at the Public Presentation and Breakdown of the Approved Federal Government 2023 Budget on Wednesday in Abuja.

Ahmed said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion for personnel costs.

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

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

Meanwhile, 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 Nov. 30, 2022, the deficit was N6.37 trillion.

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

The News Agency of Nigeria (NAN) reports that 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 Dec. 28, 2022 after it was laid before a joint session of the NASS on Oct. 7, 2022.

NAN gathered that the main aim of the 2023 Appropriation Act was to maintain fiscal viability and ensure smooth transition to an incoming administration.

The Act is aiso known as “Budget of Fiscal Consolidation and Transition’’.

Meanwhile, the Finance Bill 2022 was also passed to reinforce the administration’s public financial management reforms.

The Act is expected to make key reforms on tax laws and others (NAN)

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