Budget IT reveals In 2019, the national treasury spent half of its Total Revenue on debt servicing, Total revenue accumulated to N4.12 trillion in 2019 from N3.86tn in 2018. Total expenditure was N8.29tn & Statutory Transfers was 428bn. Nigeria's total public debt, at national and sub-national levels, when compared with the size of the economy, seems within the manageable threshold.

At N24.34 trillion as at December 2018, the Nigerian federal government debt to the GDP ratio is estimated to be in the region of 24.1 percentage.

Some analysts blame the rise in public debt on widening fiscal deficit at the national and sub-national levels. Some pin the growth in debts to the expansionary fiscal policies adopted by the government in recent times to re-inflate the economy by investing more in infrastructure. Others connect the growth to dwindling revenue at all levels of government and the increasing demand for social services. 

Some classical monetarists argue that inflow of hot money (around 30% of portfolio funds are invested in government bonds), and the public perception that a stable and appreciating Naira connotes a healthy economy in the country and it will encourage the federal government to keep on borrowing money rather than adjusting its fiscal framework and taking measures where needed. 

At the national level, the Federal Government's economic plans for the fiscal year 2017 call for a total expenditure of N9.12 trillion, while revenue projections lie way below, at N7.166 trillion; the maths adds up to a deficit of N1.954 trillion. 

The budget implementation report from the Budget Office suggests that total spending in 2017 was in the region of N6.05 trillion on the back of a revenue of N2.71 trillion, meaning the deficit, at N3.34 trillion, was 41.77 percentage higher than the budget projections. With Nigeria's debt profile.

Here's a breakdown of the 2019 Budget Implementation Report.

FG's 2019 budget was anchored on an oil revenue projection of N3.68tn however the particular oil revenue earned was N1.37 trillion.

This represents a half-hour decrease in oil revenue in comparison with the N1.96tn earned in 2018. While Non oil revenue generated then was N1.23 trillion Naira from the expected N1.4 trillion.

FG's freelance revenue projection was N631.08bn however the particular received was N557.34bn. Signature bonds, Grants & Domestic recoveries didn't link up with their projected revenues however FG's balance in special accounts got a lift of ninety six compared to the projected.

Recurrent expenditure grew from N5.39tn in 2018 to N6.7tn in 2019, which incorporates debt servicing and personnel price.

Debt servicing has become a6 huge challenge as a total of 2.45tn was spent on servicing debts in 2019, which represents a 17% increase in the cost when compared to the N2.09tn spent in 2018.

Capital expenditure reduced to N1.16tn in 2019 from N1.66tn in 2018.

in comparison to the N2.09tn spent in 2018.

Capital expenditure reduced to N1.16tn in 2019 from N1.66tn in 2018.

Nigerian Twitter Reactions. "Currently stands at 99%.

For every 1 Naira earned a measly 1kobo is left to cater to the needs of ~200m Nigerians

But the Finance Minister said we do not have a debt problem but rather a revenue problem.

Now reality has caught up with her/us; Our debt has swallowed all revenue"

"Wawu! For every N100 Naira earned by the Federal Government, N60 Naira is spent on debt servicing".

MY TAKE: Anyone that talks about our low Debt to GDP ratio as justification for more and more borrowing despite our debt burden is an enemy of the future stability of Nigeria!!"

"Yes, my Sister! It's high time we started talking about debt to revenue ratio rather than debt to GDP ratio!! You can imagine FG spent N200 for every N100 it earned in 2019? Revenue in 2019: N4.12trillion Expenditure in 2019: N8.29 trillion!" @DrOlugbile