..Ndume kicks against more borrowing
By Emmanuel Elebeke
THE Federal Government has proposed N292.7 billion to retire maturing bonds to local contractors/suppliers of government. This represents 1.79 percent of total expenditure.
Minister of Finance Budget and National Planning Mrs Zainab Ahmed made this disclosure at her 2022 budget breakdown in Abuja.
She said the move is aimed at settling government’s obligations to contractors and suppliers in line with the FGN’s commitment to offset accumulated arrears of contractual obligations dating back over a decade.
The Minister also said the federal government has proposed to spend N3.61trillion on debt servicing in the coming years which is 22 percent of total expenditure, and 35.6 percent of total revenues.
She, however, added that the early passage of the 2022 Budget for implementation from January 1 “will significantly contribute towards achieving government macro-fiscal and sectoral objectives. The minister noted that revenue…
Source: Vanguard Newspaper