Alarm bells were rung on Thursday when Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, reported that the nation’s debt service costs in the first quarter (Q1) 2022 were N1.94 trillion, or N310 billion more than the actual revenue generated during the time.

A full-year budget of N6.72 trillion was also forecast by Ahmed for the payment of petrol subsidies in 2023, should the nation chose to stick with the policy that had been deemed to be a drag on the economy. Additionally, it was revealed yesterday that the federal government spent more on debt service in the first quarter (Q1) of 2022 than it actually brought in.

The debt service cost exceeding the country’s revenue is a clear sign of impending hazards, according to the Minister of Finance, Budget, and Finance, and policymakers must be more than willing to execute the necessary measures to safeguard the economy.