By Tony Obiechina, Abuja
The Federal government will spend a total sum of N3.32 trillion, which is a 24.5 per cent of the total expenditure of the 2021 budget on debt servicing.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed who disclosed this at the 2021 Budget Breakdown on Tuesday, said the federal government released a total of N1.80 trillion for the financing of capital expenditure under the trillion 2020 budget, while N3.27 trillion was spent for debt servicing.
According to her, the Federal government spent a total of N3.19 trillion for personnel costs, including payment of pensions in the 2020 Recurrent Budget Expenditures.
According to her, the government will be making a total sum of N709.69 billion from multilateral/bi-lateral loan drawdown to add to the funds to be raised from borrowing, sale of public assets to finance the deficit in the 2021 budget.
During the virtual presentation, Ahmed said the N1.8trn spent on capital projects for the 2020 fiscal period represents about 89 per cent of the provision made for capital projects.
The minister explained that out of the N1.8trn spent on capital projects, the sum of N118.37bn was released for COVID-19 related capital expenditure.
She stated that while the Federal Government had projected the sum of N9.97trn expenditure for 2020, it actually spent about N10.08trn representing 101 per cent performance.