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Nairaland Forum / Nairaland / General / Politics / FG Spent N1.25trn On Debt Service In 5 Months (6796 Views)
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FG Spent N1.25trn On Debt Service In 5 Months by JosEast(m): 7:01am On Jul 11, 2020 |
The Federal Government spent N1.25 trillion between January and May 2020 on debt servicing, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said. Nigeria’s current debt stock is over N33trn. Source: https://www.dailytrust.com.ng/fg-spent-n1-25trn-on-debt-service-in-5-months.html 1 Like
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Re: FG Spent N1.25trn On Debt Service In 5 Months by Ezennwa(m): 7:01am On Jul 11, 2020 |
hmm! Better to go to bed hungry than to wake up with debt. 32 Likes 2 Shares |
Re: FG Spent N1.25trn On Debt Service In 5 Months by tsephanyah(f): 7:05am On Jul 11, 2020 |
Like seriously.. What type of economic system does Nigeria have, socialist or capitalist? 21 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by SmartProf(m): 7:13am On Jul 11, 2020 |
I've always said it that debt is the biggest barrier to sustainable progress, it is a parasite to wealth, and an economic termite that cripples steady success. You can't continuously be in debt and make sustainable growth. I wonder why this govt can't ask themselves why no other country has applied to borrow from Nigeria? cos we are in an economic pit. 37 Likes 3 Shares |
Re: FG Spent N1.25trn On Debt Service In 5 Months by JunctionBox: 7:24am On Jul 11, 2020 |
No be them borrow the money and still borrowing? Meanwhile, large chunk of the borrowed sum was diverted into private pockets. 18 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by michlins(m): 7:26am On Jul 11, 2020 |
I boy this country na cruise oh. On auto pilot cruise 6 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Nobody: 7:31am On Jul 11, 2020 |
This Buhari government no just balance, I swear 20 Likes 1 Share |
Re: FG Spent N1.25trn On Debt Service In 5 Months by slimfit1(m): 7:33am On Jul 11, 2020 |
30% of the money went on NASS to buy cars and huge salaries. 11 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by realstars: 7:36am On Jul 11, 2020 |
Are They Paying The Dept Or Servicing The Dept? Then Who Will Pay The Dept They Put Into Serviceing? 1 Like
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Re: FG Spent N1.25trn On Debt Service In 5 Months by Nobody: 7:56am On Jul 11, 2020 |
Of the expenditure, she said N1.25 trillion was for debt service, and N1.32 trillion for personnel cost, including pensions. Thus as at the end of May 2020, only N253.33 billion had been released for capital expenditure, a situation she attributes largely to the budget revision exercise On revenues performance she said as at end of May 2020, FGN’s retained revenue was N1.48 trillion, 56% of target while non-oil tax revenues totalled N439.32bn (65% of revised target). Retained revenue - N1.48tr Debt service - N1.25tr Personnel cost - N1.32tr Total = N2.57tr (loss of N1.09tr) Capital expenditure which is suppose to finance debt service - N253.33bn Summary: we are borrowing to consume and service debts, while accruing more loss higher than capital expenditure which is suppose to fund debt servicing. 25 Likes 7 Shares
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Re: FG Spent N1.25trn On Debt Service In 5 Months by Aflix(m): 8:26am On Jul 11, 2020 |
Clueless government that doesn't know jack about income generation 9 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by helinues: 8:35am On Jul 11, 2020 |
And if you asked them about what they have done with the original loan money,na so so story we go dey hear 6 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Nobody: 8:40am On Jul 11, 2020 |
slimfit1:Can't u read ? ...why are u people this dumb |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Nobody: 8:41am On Jul 11, 2020 |
Esseite:Our only chance is making peter obi president ...if not it is doomed for us 12 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Racoon(m): 8:47am On Jul 11, 2020 |
"Why Nigeria will continue to borrow" -Finance minister. Debt servicing is not debt payment una no dey hear but just a drench on the little resources available.Clueless govt. 3 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by gambia(m): 8:49am On Jul 11, 2020 |
This fraud called Nigeria wont get any better than this present state. God why you push me come this country sef 3 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Hpx82: 9:02am On Jul 11, 2020 |
SmartProf: |
Re: FG Spent N1.25trn On Debt Service In 5 Months by ebuk4real(m): 9:02am On Jul 11, 2020 |
to |
Re: FG Spent N1.25trn On Debt Service In 5 Months by luvinhubby(m): 9:03am On Jul 11, 2020 |
Jesu! |
Re: FG Spent N1.25trn On Debt Service In 5 Months by TreasureTayo(m): 9:03am On Jul 11, 2020 |
hmmmmmmmmmmmmmmmm |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Sunnycliff(m): 9:04am On Jul 11, 2020 |
And zombies still want us to believe that Buhari is competent 4 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by salbis(m): 9:04am On Jul 11, 2020 |
Fire on. Sai baba till 2051. |
Re: FG Spent N1.25trn On Debt Service In 5 Months by AlhajiImam: 9:04am On Jul 11, 2020 |
Nigeria on auto ebay market. I weep that a blessed nation like ours have been sold into economic servitude. Imagine what 1.2trn could do. The worst is that, we are not even paying the debts we owe, we are just paying the interests on the debt. I weep because my children have no future again. Their future have been mortgaged. I can't keep quiet and fold my hands. Arise fellow Nigerian youths. We are slaves in our fatherland. Nigeria is the poverty capital of the world..... Infrastructures? Zero. Health care? Non existent. Power? Not at all. Education and security? Nightmare... Yet a united greedy few continue to plunder our Commonwealth while dividing us youths along ethnic and religious lines. We are wiser now... We must save our society from collapse! Join the movement through the link above or search ' Our Future is Now' on telegram Join us as we Salvage Nigeria Our Future is Now # A New Nigeria 4 Likes 2 Shares |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Briells: 9:04am On Jul 11, 2020 |
Na wa o |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Nobody: 9:05am On Jul 11, 2020 |
Scam united |
Re: FG Spent N1.25trn On Debt Service In 5 Months by luvinhubby(m): 9:06am On Jul 11, 2020 |
Esseite: This is what happens when clowns run an economy 6 Likes |
Re: FG Spent N1.25trn On Debt Service In 5 Months by saheedbadmus(m): 9:06am On Jul 11, 2020 |
Hmm 9Ja govt |
Re: FG Spent N1.25trn On Debt Service In 5 Months by 4Play(m): 9:07am On Jul 11, 2020 |
We were screaming in July 2015 when total debt was N12 trillion not knowing we will almost triple the figure in 5 years: LAGOS — Nigeria’s total internal and external debt stock stood at N12.06 trillion or $63.5 billion as at the end of March this year, up from N11.2 trillion or $67.726 billion in December 2014 according to figure released by the Debt Management Office (DMO) yesterday. https://www.vanguardngr.com/2015/07/n12trn-debt-profile-worsens-nigerias-woes/ 1 Like |
Re: FG Spent N1.25trn On Debt Service In 5 Months by Roon9(m): 9:07am On Jul 11, 2020 |
Sai baba |
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