President Muhammadu Buhari while presenting the 2023 Budget to a joint session of the National Assembly in Abuja said national debt rose from thirty-nine point six trillion naira in December 2021 to forty-two point eight trillion naira in June 2022.
This was as he said the budget for the past year saw a deficit of four point six trillion naira, a sixty-three percent of the estimated deficit for the 2022 fiscal year.
Explaining further, he said the rising deficit was due to high debt servicing resulting from rising interest rates.
According to him, the Federal Government disbursed one point four-eight trillion naira (1.48tn) for recurrent expenditures for all its Ministries, Department and Agencies in the past year.
He argued that reducing government spending too drastically will be socially destabilising. Therefore, the regime is focused on increasing economic activity and by extension, revenue.
Uploaded by – ADULEYE OYINKANSOLA