- The Federal Government has injected over N2.419tn into the economy out of the total of N6.06tn budgeted for 2016, according to its 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper.
- The figure covered recurrent and capital expenditures incurred as of the end of June this year. The recurrent expenditure alone, covering salaries, overheads, pensions, among others, gulped N1.479tn between January and June.
- President Muhammadu Buhari had laid the MTEF and the FSP before the National Assembly last week in Abuja, revealing the government’s plan to budget N6.8tn for 2017.
- The country’s total debt, according to the documents, stood at $61.45bn as of June or “about N16.3tn.” The government said, “The total debt stock is composed of external debt stock of $11.26bn (or about N3.19tn) and domestic debt stock of $50.19b (N13.11tn).
- Meanwhile, data obtained from the Debt Management Office in Abuja on Monday, showed that while the Federal Government spent a total of N424.63bn to service domestic debt in the first quarter of the year, it spent a total of N217.05bn in the second quarter ending June 30.
- It was discovered that the Federal Government spent a total of N2.95trn to service domestic debts for a period of five years, from 2010 to 2014. The cost of servicing domestic debt rose from N334.66bn in 2010 to N846.64bn by the end of December 2014.
- Read More From Punch
We’ve Injected N2.419tn Into Economy —FG
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