The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Thursday, sounded the alarm bells as she revealed that the country’s debt service cost in the first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period.
Also, Ahmed projected a total of N6.72 trillion as full-year budget for petrol subsidy payment in 2023, if the country decides to continue with the policy that had been identified as a drain on the economy. It also emerged yesterday that the federal government spent more to service debt in the first quarter (Q1) of 2022, than the actual revenue it earned during the same period.
The Minister of Finance disclosed that with debt service cost outstripping the country’s revenue, it is a clear indication of d@ngers ahead and policymakers must be more than willing to implement the much-needed reforms to save the economy.
