The Federal Government says over one point one trillion naira was generated through Independent Revenue from its Ministries, Departments and Agencies between January and November last 2021.
The Minister of Finance, Budget and National Planning, Zainab Ahmed gave the figure at the public presentation of the 2022 budget in Abuja. She also said the Federal Government is to spend three point six one trillion naira servicing Nigeria’s debt burden in the 2022 fiscal period.
The amount represents about 34 per cent of the 2022 projected revenue of the Federal Government. Nigeria is experiencing a worsening debt level as its indebtedness rose by two point five trillion naira between July to September 2021.
The country’s debt burden as revealed by the Debt Management Office has now hit a record thirty eight trillion as at September 30, 2021. Despite the fact that Nigeria’s debt to GDP ratio is one of the highest in Sub-Saharan Africa, the Minister still maintained that the country’s debt is within sustainable limit.
In his remark, the Director General, Budget Office of the Federation, Ben Akabueze said based on analysis, government has the ability to generate more revenue from MDAs.
He said the Federal Government will continue to strengthen it’s control mechanism to make the revenue process more transparent and inclusive. The 2022 budget was signed into law on December 31 by President Muhammadu Buhari.
