In February, according to a report, the Federal Government allocated 85.37 percent of its revenue to debt servicing.
The Central Bank of Nigeria’s monthly economic report for February 2023 highlighted that the Federal Government had a total retained revenue of N478.57 billion during that month.
Additionally, the report indicated that the government spent N408.5 billion on debt servicing within the same period.
Furthermore, the report disclosed that the country experienced a fiscal deficit of N513.05 billion in February.
“The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue. At N513.05 billion, the provisional fiscal deficit of the FGN rose by 22.8 per cent relative to the preceding month. However, it was 16.2 per cent below the budget benchmark,” the report read.