Review shows that the total debt service figure stood at N19.8 trillion in the eight years and three months under review while revenue accrued was N32.1 trillion.

A SaharaReporters analysis has shown that the Nigerian government spent 61% of its inflows (revenue) on debt servicing between 2015 and the first three months of 2023

Review shows that the total debt service figure stood at N19.8 trillion in the eight years and three months under review while revenue accrued was N32.1 trillion.

This review is based on the data on budget performance posted on the website of the budget office of the federation.

The data was updated only up to the first quarter of 2023, as President Bola Tinubu’s administration has failed to publish reports since the government came to power on May 29,2023

In the first three months of 2023, the sum of N 1.3 trillion was spent on debt servicing while revenue was N1.2 trillion.

In 2022, the federal government made N7.7 trillion as revenue and spent N3.8 trillion on debt servicing.

In 2021, debt servicing gulped N3.3 trillion while N4.1 trillion revenue was recorded.

The federal government made N2.5 trillion in 2020, but spent N2.9 trillion on debt servicing. This was as of the third quarter of the year.

In 2019, the revenue accrued stood at N4.1 trillion but a sum of N2.2 trillion was spent on debt servicing. In 2018, debt servicing gulped N2.2 trillion while revenue stood at N3.8 trillion.

In 2017, the federal government spent N1.8 trillion on debt servicing and earned N2.6 trillion.

The figure for debt servicing in 2016 stood at N1.4 trillion while revenue earned was N2.9 trillion.

For 2015, debt servicing was N953 billion while revenue was N3.2 trillion.

There have been concerns on the expenditure of the Nigerian government on debt servicing.

Experts have expressed worry that the expenditures will hinder development in the country as funds meant for infrastructural needs are being channeled to servicing debts.

The government has yet to stop collecting loans despite the current situation. Last week, the World Bank confirmed the approval of the sum of $2.25 billion to support the Nigerian government’s economic reform.

The global bank in a statement said it approved $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).