{"id":71873,"date":"2021-08-16T18:52:56","date_gmt":"2021-08-16T17:52:56","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=71873"},"modified":"2021-08-16T18:52:56","modified_gmt":"2021-08-16T17:52:56","slug":"zainab-ahmed-fg-spent-n2trn-on-debt-servicing-in-six-months","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/08\/16\/zainab-ahmed-fg-spent-n2trn-on-debt-servicing-in-six-months\/","title":{"rendered":"Zainab Ahmed: FG spent N2trn on debt servicing in six months"},"content":{"rendered":"<p>The federal government has disclosed that it spent N2.02 trillion on debt servicing within the first six months of 2021(January &#8211; June).<\/p>\n<p><span data-preserver-spaces=\"true\">The figure represents 90.6 percent of the retained revenue of N2.23 trillion for the period.<\/span><\/p>\n<p>This was stated on Monday in Abuja by the minister of finance, budget and planning, Zainab Ahmed during<span data-preserver-spaces=\"true\">\u00a0the 2022- 2024 2022-2024 medium-term expenditure framework\/ fiscal strategy paper (MTEF\/FSP) committee interactive session.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ahmed said the federal government\u2019s retained revenue amounted to 67.3 percent of the target.<\/span><\/p>\n<p>Recall that last<span data-preserver-spaces=\"true\"> year, out of total revenue of N3.42 trillion, the federal government spent N3.34 trillion on debt servicing &#8211; implying<\/span><span data-preserver-spaces=\"true\"> that for every N100 earned as revenue, N97 was spent on debt servicing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Given the breakdown, the minister said oil revenue was N492.44 billion, representing 49 percent performance, while the non-oil revenue totalled N778.18 trillion at 104.5 percent performance.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to her, companies <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/11\/nbs-fg-generated-n472bn-company-income-tax-in-q2-2021\/\">income tax<\/a>(CIT) and value-added tax (VAT) collections are ahead of the budget targets with N397.02 billion and N129 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This, she added, represents 116.5 percent and 108.2 percent targets for the period.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ahmed said that Customs collection was N234.02 billion at 92.1 percent of target, adding that other revenues amounted to N922.09 billion \u2014 out of which independent revenue was N558.13 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the expenditure performance, Ahmed said N5.81 trillion, representing 92.4 per cent of the budget had been spent, adding that this excludes GOEs and project-tied debt expenditure.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOf the expenditure, N2.02 trillion was for debt servicing, which is 35 percent of the Federal Government expenditures and N1.795 trillion for personnel cost,\u201d Zainab said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is including pension at 30.9 percent of Federal Government revenue.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She noted that as of June, N1.3 trillion, which represented 84.7 percent, had been released for capital expenditure.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The finance minister said that the country faced serious economic challenges in 2020, with the microeconomic environment significantly disrupted by the COVID-19 pandemic.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said the economy sustained a tepid recovery in the first quarter of 2021.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking at the session, Femi Gbajabiamila, speaker of the house of representatives, said the national assembly would begin consideration of the 2022 appropriation bill once it received it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe MTEF\/FSP will have a direct impact on the content of that Appropriations Bill, as well as on our ability to deliver on the promises of governance and development that we have made to the Nigerian people,\u201d he added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The federal government has disclosed that it spent N2.02 trillion on debt servicing within the first six months of 2021(January &#8211; June). The figure represents 90.6 percent of the retained revenue of N2.23 trillion for the period. This was stated on Monday in Abuja by the minister of finance, budget and planning, Zainab Ahmed during\u00a0the [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":16057,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[3258,15544,15945,958],"class_list":["post-71873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-covid-19-pandemic","tag-debt-servicing","tag-n2-02-trillion","tag-zainab-ahmed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Zainab Ahmed: FG spent N2trn on debt servicing in six months<\/title>\n<meta name=\"description\" content=\"The federal government has disclosed that it spent N2.02 trillion on debt servicing within the first six months of 2021(January - June).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/16\/zainab-ahmed-fg-spent-n2trn-on-debt-servicing-in-six-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zainab Ahmed: FG spent N2trn on debt servicing in six months\" \/>\n<meta property=\"og:description\" content=\"The federal government has disclosed that it spent N2.02 trillion on debt servicing within the first six months of 2021(January - June). 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