Nigeria expects to spend a record N12.65 trillion ($33.20 billion) in the 2021 budget despite severe revenue constraints, according to an outlook released by the Finance Ministry.
The spending by Africa’s largest economy, still reeling from low oil prices and the new coronavirus pandemic, is a 17.2 percent jump from the record N10.8 trillion budgeted this year.
The projected debt servicing payments would consume N3.1 trillion of the spending, or just under 25 percent.
Additionally, revenues are expected to reach N7.5 trillion in 2021, implying a higher deficit.
The document also said spending would focus on completing as many ongoing projects as possible, and that no new works would be allowed unless there were adequate resources to complete ongoing projects.