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2021 budget: FG to service debt with ₦3.1tr

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2021-budget:-fg-to-service-debt-with-₦3.1tr

By Nduka Chiejina (Assistant Editor)

The Federal Government will service the nation’s debt with ₦3.124 trillion in 2021.

According to the Budget Call Circular released by the Budget Office of the Federation (BOF) Nigeria’s debt servicing obligations in 2021 will be made up of ₦2.183 trillion for Domestic Debt, and ₦940.89 billion for Foreign Debt.

Additionally, ₦220 billion is provisioned for Sinking Fund to retire maturing loans from bonds and treasury Bills.

The government has targeted to spend about ₦12.658 trillion in 2021.

₦3.086 trillion of this amount (excluding capital component of statutory transfers) has been set aside for critical capital expenditure such as: ₦1.485 trillion for MDAS’ capital expenditure; ₦234.19 billion for Capital Supplementation; ₦337.06 billion for Grants and donor funded projects; ₦20 billion for Special Intervention Programme, ₦4335.59 billion for Government Owned Enterprises (GOEs); and ₦674.11 billion for Multi-lateral and Bi-lateral Project-tied loans.

The thrust of the Federal Government’s capital expenditure programme in 2021 the circular said “will be completion of as many ongoing projects as possible, rather than starting new projects”.

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As a result, the Budget Office has warmed Ministries Departments and Agencies (MDAs) “that new projects will not be admitted into the capital budget for 2021, unless adequate provision has been made for completion of all”.

The circular noted that the federal government “in furtherance of its inclusiveness agenda, intends to sustain the Special Intervention Programme (SIP). Accordingly, a total of ₦420 billion is proposed to be allocated to the SIP”.

With regards to personnel management the Budget Office of the Federation (BOF) stated that all MDAs must ensure compliance with Service-wide Circular Ref. No 58775//T/358 on ‘Streamlining Procedures for Recruitment into Federal Agencies’ issued by the Secretary to Government of the Federation (SGF) in respect of the procedure for recruitment into the public service”.

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