FG: Nigeria To Spend A Quarter Of 2020 Budget On Debt

FG: Nigeria To Spend A Quarter Of 2020 Budget On DebtThe President of the Federal Republic of Nigeria, President Muhammadu Buhari, yesterday signed about N10,594,362,364,830, 2020 budget into law.

The budget was unquestionably increased from N10.33 trillion to N10.594billion by the National Assembly.

Break down of the budget:

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N560.47 billion of the total budget is for statutory transfers while N2.7 trillion is for debt service.

Other breakdown of the budget include N4,842,974,600,640 for Recurrent Expenditure; Capital expenditure N2,465,418,006,955; Fiscal Deficit N2.28 trillion and Deficit/GDP N1.52 per cent.

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