ABUJA, Aug 17 (Reuters) – Nigeria expects to spend a record 12.65 trillion naira ($33.20 billion) in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday.
The spending by Africa’s largest economy, still reeling from low oil prices and the new coronavirus pandemic, is a 17.2% jump from the record 10.8 trillion naira budgeted this year.
The projected debt servicing payments would consume 3.1 trillion naira of the spending, or just under 25%.
$1 = 381.0000 naira
Reporting By Felix Onuah and Chijioke Ohuocha; writing by
Libby George; Editing by Sandra Maler