The Federal Ministry of Finance 2021 budget outlook plan released on Mondays has revealed that Nigeria expects to spend a record 12.65 trillion naira ($33.20 billion) in 2021 despite severe revenue challenges.
The Nigeria estimated budget plan for 2021 is 17.2 percent higher than that of this year. This is despite the fact that the Country is still reeling from low oil prices and the new coronavirus pandemic.
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 Budget document also disclose 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. The exchange rate is estimated at $1 = 381naira.