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Budget: Debt servicing gulps more than power, education

The Federal Government will spend N540bn more on debt servicing than it will spend on 10 key sectors of the economy, an analysis of the 2017 budget, which is about to be presented to Acting President Yemi Osinbajo, has shown.

The 2017 Appropriation Bill, which was passed into law by the National Assembly last week, provided N1.84tn for debt servicing and N1.3tn for 10 key sectors of the economy, including agriculture, power, works and housing, education, health, transport, mines and steel, defence, police, and trade and investment.

The budget for debt servicing is also just N330bn shy of the N2.17tn provided for capital expenditures in all the sectors of the economy.

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