92% of Nigeria's Revenue going to debts servicing
Quote from Ndubuisi Ekekwe on March 6, 2022, 11:58 AMThis is a big one: 'The Federal Government’s gross debt interest payments (percent of FGN revenue) is projected to grow by 92% in 2022 from 85.5% in 2021. This is according to a report titled “Nigeria Staff Report for the 2021 Article IV Consultation”, published by the International Monetary Fund.'
As at the end of September 2021, debt-servicing-to-revenue ratio stood at 76%, implying that 76 kobo out of every N1 earned by the government was spent on payment of interest on debts. IMF’s latest statement estimates the debt-servicing-to-consolidated revenue (total revenues of the government and its agencies) for 2021 and 2022 at 29% and 32.8% respectively.
This is a big one: 'The Federal Government’s gross debt interest payments (percent of FGN revenue) is projected to grow by 92% in 2022 from 85.5% in 2021. This is according to a report titled “Nigeria Staff Report for the 2021 Article IV Consultation”, published by the International Monetary Fund.'
As at the end of September 2021, debt-servicing-to-revenue ratio stood at 76%, implying that 76 kobo out of every N1 earned by the government was spent on payment of interest on debts. IMF’s latest statement estimates the debt-servicing-to-consolidated revenue (total revenues of the government and its agencies) for 2021 and 2022 at 29% and 32.8% respectively.