The Federal Government plans to spend about N3.124 trillion on debt servicing next year.
Out of the total sum earmarked, N2.183 trillion will be used to service Domestic Debt while N940.89 billion will go into Foreign Debt.
According to a Budget Call Circular released by the Budget Office of the Federation (BOF) on Tuesday, N220 billion is proposed for Sinking Fund to retire maturing loans from Bonds and Treasury Bills.
The document revealed that government targets about N12.658 trillion in 2021, out of which N3.086 trillion (excluding capital component of statutory transfers), has been set aside for critical capital expenditure.
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They include: N1.485 trillion for MDAS’ capital expenditure; Capital Supplementation (N234.19 billion); Grants and donor funded projects (N337.06 billion); Special Intervention Programme (N20 billion); Government Owned Enterprises (N4335.59 billion) and Multi-lateral and Bi-lateral Project-tied loans (N674.11 billion).
The circular noted that the government “in furtherance of its inclusiveness agenda, intends to sustain the Special Intervention Programme (SIP). Accordingly, a total of N420 billion is proposed to be allocated to the SIP”.
In order to check the incidence of ghost workers or inflated staff numbers, the BOF warned that all chief executive/accounting officers will henceforth “be held responsible for accuracy of the submissions in response to the Personnel Budget Call Circular (ref. BD/2000/EXP/S.651/991) issued in April 2020 to all MDAs by the Minister of Finance, Budget and National Planning.
