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Nairaland Forum / Nairaland / General / Politics / REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing (502 Views)
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REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Racoon(m): 8:27pm On Aug 19, 2020 |
The federal government spent 97.5 percent of its January to May 2020 revenue on debt servicing.According to the 2021 budget call circular published by the Budget Office, the federal government generated total revenue of N1.62 trillion out of the N2.62 trillion projected for the period.https://www.thecable.ng/revealed-fg-spent-97-percent-jan-may-revenue-debt-servicing Featured image: Zainab Ahmed, minister of finance, budget and national planning
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Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by SmartProf(m): 8:30pm On Aug 19, 2020 |
I'm sure the cardinal job of the minister of finanace in this govt is to look for countries and organizations that Nigeria can keep borrowing from. When she finds any, it gives Buhari so much sweet sensation, while the senate president is on standby like a houseboy to knack emergency approval...Very clueless and useless leaders. 7 Likes |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by bsalawu: 8:31pm On Aug 19, 2020 |
Oya now! |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Racoon(m): 8:33pm On Aug 19, 2020 |
Imagine using 97% of your hard earned IGR chunk to service debts.Look inward to generate revenue they said no.All the generated monies have been embezzled.Now Nigeria is servicing debts.Debt servicing is not debt payment. Lalasticlala OAM4J |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by nameo: 8:38pm On Aug 19, 2020 |
So that people can understand properly: virtually all the money Nigeria generated as revenue(97%) was used to pay INTEREST(not the principal o) on existing loans!!! While whatever money Nigeria used to pay salaries and maintain itself(recurrent expenditure) plus the miserly infrastructural projects (capital expenditure) in the last 6 months was actually borrowed. In the next 6 months, Nigeria will be borrowing money to pay the interests of the loans that are piling up. And of course, we are getting ready to even borrow the highest single loan in the country- $31billion!!! Those persons who sat idling back or supporting, as Buhari and his ilks destroys whatever is left of our country Nigeria, would bw damned for all eternity. 1 Like |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Racoon(m): 8:39pm On Aug 19, 2020 |
SmartProf:I wonder what the so called National Economic Team is advising the government especially with the chronic debt pillage spree its has embarked upon. |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by slivertongue: 8:45pm On Aug 19, 2020 |
of course this administration is incompetent, they are illiterates when it comes to economic matters. they are experts in borrowing |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by surgical: 8:48pm On Aug 19, 2020 |
slivertongue:Add that to dumb followers and tell me the answer you get |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by BeeBeeOoh(m): 8:55pm On Aug 19, 2020 |
It's high time we remove borrow from our dictionaries and replace it with Buhari because you can never see borrowing without Buhari gallantly standing beside it. |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Macphenson: 6:59am On Aug 20, 2020 |
Hmmm |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by joyandfaith: 7:08am On Aug 20, 2020 |
Soon,FG will have to burrow to pay interests on loans. And to pay the principals, critical government infrastructures have to be sold to the creditors. |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by helinues: 7:08am On Aug 20, 2020 |
Let FG give us the breakdown of how they spent 97% of the revenue on debt servicing |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Pollosa1: 7:11am On Aug 20, 2020 |
Nigeria is gone |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Racoon(m): 11:28am On Aug 20, 2020 |
joyandfaith:This is what is already going on.So called internally generated revenues are now being used to service debts while lootocracy of borrowed funds continue unabated.P & ID debts is about to be enforced.Nigeria is in deep shit with this government |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by ChimaAdeoye: 1:12pm On Aug 20, 2020 |
SmartProf:
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Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by googi: 1:41pm On Aug 20, 2020 |
You guys don't get it. It is legal to borrow and transparent to service debts But illegal to launder � money. The same Finance Minister that lectured us the advantages of paying off our debts came back in the following Government to teach us the advantages of borrowing at low rate. Harvard and Oxford Economics! 1 Like 1 Share |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by CodeTemplar: 2:17pm On Aug 20, 2020 |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by CodeTemplar: 2:22pm On Aug 20, 2020 |
googi:She demanded she be paid in dollars in her first stint, then condemned dollarization of the economy in her second stint after the Jonathan election dollars to Obas and Emirs. We have leaders with moral timetable. What is good on Monday may be bad on Wednesday and be of no effect on Friday. |
Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by CodeTemplar: 2:26pm On Aug 20, 2020 |
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Re: REVEALED: FG Spent 97% Of Jan-May Revenue On Debt Servicing by Gondonu: 11:12pm On Aug 20, 2020 |
Their debts never do them? Awon scammers them. |
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