The Federal Government says it remains committed to meeting the nation’s debt obligations as N3.12trillion is earmarked for debt service in the 2021 budget proposal.
President Muhammadu Buhari made this known when he presented the 2021 budget proposal of N13.08trillion to the National Assembly in Abuja on Thursday.
According to him, the amount represents an increase of N445.57 billion from N2.68 trillion in 2020.
“We remain committed to meeting our debt service obligations.
“Hence, we have provisioned N3.12 trillion for this in 2021, representing an increase of N445.57 billion from N2.68 trillion in 2020.
“A total of N2.183 trillion has been set aside to service domestic debts while N940.89 billion has been provided for foreign debt service.
“N220 billion is provided for transfers to the Sinking Fund to pay off maturing bonds issued to local contractors and creditors.’’
On the breakdown of the budget, Buhari said N3.85trillion had…
Source: Guardian Newspaper