The Federal Government expects to spend a record N12.65 trillion ($33.20 billion) in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday.
The spending by Africa’s largest economy, still reeling from low oil prices and the new coronavirus pandemic, is a 17.2 per cent jump from the record N10.8 trillion budgeted this year.
The projected debt servicing payments would consume 3.1 trillion naira of the spending, or just under 25 per cent.
Additionally, revenues in the year are expected to reach 7.5 trillion naira in 2021, implying a higher deficit. The document also said spending would focus on completing as many ongoing projects as possible, and that no new works would be allowed unless there were adequare resources to complete ongoing projects.
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