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FG earmarks N3t for debt servicing in 2021

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FEDERAL government has mapped about N3.124 trillion for debt servicing next year.

  The figure is more than double the $1.31billion which was spent on debt servicing in 2019.

  Budget Office of the Federation (BOF) stated this in a Budget Call Circular it released yesterday.

  According to the circular, the debt servicing obligations will be made up of N2.183 trillion for Domestic Debt and N940.89 billion for Foreign Debt while N220 billion is proposed for Sinking Fund to retire maturing loans from Bonds and Treasury Bills.

  Equally, federal government targets about N12.658 trillion in 2021, out of which N3.086 trillion (excluding capital component of statutory transfers), has been set aside for critical capital expenditure.

  These include N1.485 trillion for MDAS’ capital expenditure; Capital Supplementation (N234.19 billion); Grants and donor funded projects (N337.06 billion); Special Intervention Programme (N20 billion); Government Owned Enterprises (N4335.59 billion) and Multi-lateral and Bi-lateral Project-tied loans (N674.11 billion).

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