President Muhammadu Buhari Friday after commending on the growth of the nations’ Gross Domestic Product (GDP) also said that thr national debt rose from N39.6tn in December 2021 to N42.8tn in June 2022.
He said that the budget for the past year saw a deficit of N4.6tn, 63 per cent of the estimated deficit for the 2022 fiscal year and was due to the increase in interest rates
Buhari explained that reducing government spending too drastically will be socially destabilising. Therefore, the regime is focused on increasing economic activity and by extension, revenue.
He said that the federal government disbursed N1.48tn for recurrent expenditures for all its Ministries, Department and Agencies in the past year.