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.
