The Federal government has said that N2.02tn was spent on debt servicing in the first six months of 2021.

In a startling revelation yesterday, Technical Adviser to the Director General of the Budget Office, Alfred Okon, said the figure represents 90.58 per cent of the total revenue of N2.23tn generated by the federal government within the period under review.

He said this while presenting the “Overview of FGN 2022 Budget Call Circular” report at a training on “Government Integrated Financial

Management Information System Budget Preparation Subsystem for Ministries, Department and Agencies.

A renowned political economist and former presidential candidate, professor Pat Utomi, clarified that the implication of the development was that the Federal Government borrowed to finance other expenditures that it incurred within the period.