The federal government spent N8.93 trillion on debt servicing from January to September 2024. This represents 61 percent of N14.55 trillion revenue generated in the period.
This is according to the budget implementation report seen by Our Correspondent.
A breakdown of the amount showed that debt servicing gulped N2.26 trillion in first quarter, N3.77 trillion in second quarter and N 2.89 trillion in third quarter. These are higher than N2.01 trillion budgeted for each quarter.
Also, the N8.93 trillion is higher than N6.03 trillion expected to be spent on debt servicing for the period (January to September).
Analysis of the total N14.55 trillion revenue generated in the period, is a short fall from the expected aggregate revenue in the period stood at N19.4 trillion.
On a quarterly basis, a total of N3.58 trillion was generated in first quarter, N4.88 trillion and N6.08 trillion in second and third quarters respectively. This is below N6.46 trillion expected in each quarter.
The federal government posted a cumulative revenue of N3.65 trillion from non oil sector in the period, exceeding 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 first quarter as against N892. 44 billion expected for each quarter. Also, the revenues for second and third quarter stood at N1.30 trillion and N1.35 trillion respectively.
The total N3.65 trillion is also higher than N3.56 trillion non oil revenues expected in entire year.
However, revenues from the oil sector fell short in the period with N4.63 trillion 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 first quarter, N1.32 trillion in second quarter and N1.92 trillion in third quarter.
The total oil revenue at N4.63 trillion is also far cry from N8.17 trillion.
