Nigerians have expressed worry following the revelation by the Federal Goverment that Nigeria’s debt servicing exceeded revenue generation for the first quarter of 2022 by N310bn.
The distressing development was disclosed in the FG’s 2022 fiscal performance report released on Thursday, July 21, 2022.
According to the report, FG generated N1.63tn while it spent a whopping N1.94tn on debt servicing. Basically, Nigeria spends more money on paying debts than it generates from revenue.
Speaking on the crisis, Minister of Finance, Zainab Ahmed stressed the need to improve revenue generation and expenditure efficiency at all levels of government.
In reaction to the news, Nigerians on Twitter expressed deep worry and concern for the future.
Here are some Tweets gathered by The Quest Times;
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@aproko_doctor Yet politicians live large on public funds… There’s fire on the mountain o.
@misyarns Nigeria hit a dubious milestone today. For the first, the FG confirmed that the country is spending more than it earns to service its debt (while expanding its stock of debt, making future debt servicing costlier). This shit-show is gonna get worse.
@ChidiOdinkalu Last month, one @toluogunlesi was here to give us gratuitous condescension & abuse abt how #Nigeria cld binge interminably on debt because the country is rich in something called #GDP. Well, here is the news: #Nigeria’s debt servicing now outstrips revenue.
@Ekwulu When Dr Goodluck Jonathan handed over power to the APC regime in 2015, we were using 10% of our revenues to service our debts. Today, our debt servicing has overtaken our revenues. Nigeria, from Top to Bottom.
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@MarvisIkpeme Nigeria currently running on deficit – borrowing to even pay debt as debt servicing surpasses revenue by 310billion. The fight for our lives just got more intense. Let us go harder for Peter Obi- the best with working economic policies! Posterity is looking up to us !!
@iam_wilsons Debt servicing has now surpassed revenue. Anyone still campaigning for the APC is an enemy of Nigeria.
@SmartAtuadi There’s no difference between Nigeria and Zimbabwe under Robert Mugabe at the moment, economic wise. A very bastardized economy where debt servicing has surpassed the earnings of the country.