GUARDIAN REPORT
Nigeria’s grave fiscal position for the 2022 financial year became clearer yesterday, as latest data showed that of N4.26 trillion total revenue available for financing the 2022 budget in the first three quarters of last year, a colossal sum of N4.23 trillion went into debt financing.
The figure, contained in the budget performance report prepared by the Office of the Accountant General of the Federation (OAGF) and the Budget Office, has effectively raised the country’s debt service to revenue ratio to 99.2 per cent – the highest the country would record for a similar time horizon.
The figure is close to 10 percentage points higher than the estimated 80.6 per cent (covering January to November) captured in the 2023 budget document. The document said the Federal Government had spent N5.24 trillion servicing its debt obligations to different local and foreign creditors.
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