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2024 Budget: Nigeria To Spend Six Times More On Debt Sevicing In 2024 Than On Building Schools And Hospitals

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Nigeria will spend at least six times more on servicing its debt next year than on building new schools or hospitals in the West African nation, where more than 40% of the population live in extreme poverty.

 

President Bola Tinubu on Wednesday outlined 2024 spending plans projected at 27.5 trillion naira ($34.7 billion), of which 30% will go to pay borrowing costs.

 

Spending on education will consume 7.9% of the budget while healthcare gets 5% and infrastructure a similar amount. This excludes spending by 36 states and the capital Abuja on social services.

 

 

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