ABUJA (Reuters) – Nigeria expects to spend a record 12.65 trillion naira ($33.20 billion) in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday.
The spending by Africa’s largest economy, still reeling from low oil prices and the new coronavirus pandemic, is a 17.2% jump from the record 10.8 trillion naira budgeted this year.
The projected debt servicing payments would consume 3.1 trillion naira of the spending, or just under 25%.
Additionally, revenues in the year are expected to reach 7.5 trillion naira in 2021, implying a higher deficit.
The document also said spending would focus on completing as many ongoing projects as possible, and that no new works would be allowed unless there were adequare resources to complete ongoing projects.
($1 = 381.0000 naira)