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Nairaland Forum / Nairaland / General / Politics / FG Spends Two-thirds Of Tax Revenue On Debt Servicing - Business Day (442 Views)
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FG Spends Two-thirds Of Tax Revenue On Debt Servicing - Business Day by 4Play(m): 10:29pm On Jun 01, 2017 |
The Federal Government of Nigeria’s fiscal deficit ran at a 12-month high in the month of February, according to data provided by the Central Bank, as actual revenues flunked budget targets and officials overshot spending.http://www.businessdayonline.com/revenue-shortfalls-push-fgs-fiscal-deficit-12-month-high/ The 3 things in bold stand out: N750bn debt added over a 5 month period, debt servicing costs equates to 66% of tax revenue and the disappointing fall in non-oil tax revenues. If debt servicing costs rise faster than tax revenues, it will make the debt profile unsustainable. The upside is that it might force the government to do what they should have done ab initio - reduce spending. Applying fiscal stimulus in a currency crisis is counterproductive. 4 Likes |
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