In the first four months of 2021, Nigeria spent N1.9 trillion on debt servicing, hereby surpassing its revenue, which was N1.6 trillion in the same period, according to the ministry of finance, budget and national planning.
The Federal Government spent a total of N4.7 trillion on expenditures in the first four months of the year, with the bulk of its spending on recurrent expenses which was N3.6 trillion.
Capital expenditure was N773 billion, while statutory transfer stood at N289 billion.
Revenue earned by the government from January to April was N1.6 trillion, consisting N633 billion from non-oil revenues, N394 billion from Federal Government independent revenue, N285.4 billion from oil revenue, N137.5 billion from GOEs retained revenues, and N70 billion from the signature bonus.
Nigeria’s non-oil revenue consists of N298.8 billion from company income tax, N210 billion from N210 billion, N102.9 billion from Value Added Tax, N15.2 billion from federation account levies, and N5.5 billion from share of electronic money transfer levy.
Nigeria has spent N946.8 billion on fuel subsidies between January and April, while it earned N1.6 trillion within this period. BusinessDay analysis shows that fuel subsidy is 58 percent of Nigeria’s revenue within this period.