The federal government spent N8.93 trillion on debt servicing from January to September 2024.
This represents 61 percent of the N14.55 trillion revenue generated in the period, according to the budget implementation report seen by BusinessDay.
A breakdown of the amount showed that debt servicing gulped N2.26 trillion in the first quarter, N3.77 trillion in the second quarter, and N2.89 trillion in the third quarter. These figures are higher than the N2.01 trillion budgeted for each quarter.
Also, the N8.93 trillion total is higher than the N6.03 trillion expected to be spent on debt servicing for the period from January to September.
According to BusinessDay, the total N14.55 trillion revenue generated in the period is a shortfall from the expected aggregate revenue, which stood at N19.4 trillion.
On a quarterly basis, a total of N3.58 trillion was generated in the first quarter, N4.88 trillion in the second quarter, and N6.08 trillion in the third quarter. This is below the N6.46 trillion expected in each quarter.
The federal government posted a cumulative revenue of N3.65 trillion from the non-oil sector in the period, exceeding the N2.67 trillion expected from January to September 2024.
A breakdown of the total non-oil revenue showed that N985.07 billion was recorded in the first quarter as against the N892.44 billion expected for each quarter. Also, the revenues for the second and third quarters stood at N1.30 trillion and N1.35 trillion respectively. The total N3.65 trillion is also higher than the N3.56 trillion non-oil revenues expected for the entire year.
However, revenues from the oil sector fell short in the period, with N4.63 trillion generated as against N6.13 trillion expected. On a quarterly basis, the revenue remained below the N2.04 trillion quarterly revenue expected, as a total of N1.39 trillion was recorded in the first quarter, N1.32 trillion in the second quarter, and N1.92 trillion in the third quarter. The total oil revenue of N4.63 trillion is also a far cry from the N8.17 trillion that was projected.
