2023 Budget: Nigeria prioritised loan services above infrastructural development in past eight years

by Olanrewaju Oyedeji

Africa’s biggest economy spent over N18.6 trillion on debt services in eight years, an amount which was far higher than funds allocated to education, health, defence, and agriculture and rural development that would have increased the economic growth or standard of living of its over 200 million people.

For a country that has experienced two recessions in five years and has not expanded in per capita terms since 2015, one would expect that the Federal Government would do everything to ensure critical investment in financial and human resources that will help meet the country’s infrastructure needs and bolsters economic transformation.

The reverse has been the case, with the situation worsening yearly.

Dataphyte’s findings showed the size of Nigeria’s public debt has risen from less than N10 trillion in 2012 to a staggering N44 trillion in 2022, excluding N20 trillion ways and means borrowing from Nigeria’s apex bank.

Between 2015 and 2022, Nigeria’s economic managers under, President, Muhammadu Buhari have budgeted N18.6 trillion for debt servicing.

For most experts, the huge borrowing has not translated to the massive infrastructure revamp that the people are told to expect.

The trend is expected to continue in 2023 with the country earmarking the sum of N6.31 trillion for debt servicing and N5.35 trillion for Capital Expenditure.

Continue reading: https://www.dataphyte.com/latest-reports/2023-budget-nigeria-prioritised-loan-services-above-infrastructural-development-in-past-eight-years/


cc: lalasticlala, seun, onila, farano, mynd44, prettythicksme

Government to help matters...
Let Nigeria become great

The stupid irresponsible, clueless and inept govt prioritise loans/borrowings because they're economically daft to under that the solution to any economic challenge with our type of mono-oil exporting and import-dependent economy is not the propensity to go borrowing.