NASS had on Thursday approved the 2017 budget wth a total sum of N7.44trn which is N143bn higher than the estimates submitted by the President. The budget as passed by the lawmakers has a total amount of N1.84trn allocated for debt servicing which is 24.73 per cent of the overall budget.
Onyekpere said, “Dedicating 24.73 per cent of the overall budget to debt service is an indication that Nigeria’s debt profile is becoming unsustainable.
“The capital vote of 29.30 percent is just a little higher than debt service. With a deficit financing of N2.35trn, the debt service is about 36 per cent of our expected revenue. This shows that we may soon be back to the debt situation pre the debt relief period. He lamented that the N1.84trn budgeted for debt servicing is higher than the total sum of N1.34trn allocated to the ten key ministries of government.
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