BudgIT has expressed concern over the N1.57 trillion spent on debt service by the Federal Government, FG, from January to June under the Budget 2020 performance.
BudgIT is a social advocacy group that uses technology to simplify the budget and matters of public spending for citizens, with the primary aim of raising standard of transparency and accountability in government
The group noted that the amount spent on debt servicing in the first half of the year (H1’2020) represents 94% of the N1.65 trillion revenue for the period, and is also N100 billion more than the N1.47 trillion budgeted for debt servicing for the period.
“The FG keeps overshooting its debt servicing. This is worrisome”, said the non governmental organization on its Twitter Account.
BudgIT also observed that the Budget 2020 performance in the H1’2020 shows that the FG is not prioritizing capital expenditure which is necessary to drive economic growth.
“Did you know? Debt servicing gulped 94% of the total revenue earned by @NigeriaGov in H1 2020. Total expenditure was N4.46tn; this includes N3.7tn for recurrent exp. ONLY N444bn was spent on capital projects.
“@NigeriaGov is also not prioritising capital expenditure as a large percentage of its actual spent was on recurrent expenses. Dear President @MBuhari and @ProfOsinbajo, this narrative needs to change. “, BudgIT stated on its Twitter Account.
BudgIT also queried why the federal government did not spend anything on any of its special intervention programmes especially N-Power.
“Between January and June 2020, nothing was spent on Special Intervention Programmes, including the Home school feeding programme, N-Power and Conditional Cash Transfer. Why? @NigeriaGov@MBuhari@ProfOsinbajo“, the NGO stated on its Twitter Account..
Founded in 2011, BudgIT is a civic organization that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change. A pioneer in the field of social advocacy melded with technology, BudgIT uses an array of tech tools to simplify the budget and matters of public spending for citizens, with the primary aim of raising standard of transparency and accountability in government. We are in constant partnership with civil society, public institutions and the media, chiefly in the areas of fiscal analyses, civic technology and data representation.