In 2019, Atiku Abubakar, former vice-president and presidential candidate of the Peoples Democratic Party (PDP), raised the alarm over the accumulation of debts by the federal government.
In an opinion piece, Atiku warned the Muhammadu Buhari-led government that “endless borrowing will lead to endless sorrowing”.
On Thursday, the federal government released a four-month fiscal performance report for 2022.
According to the report, the cost of servicing debt surpassed revenue by N310 billion in the first four months of 2022.
The report said the federal government’s total revenue for the period was N1.63 trillion, while debt servicing gulped N1.94 trillion.
Zainab Ahmed, minister of finance, budget and national planning, called for urgent action to address revenue underperformance and expenditure efficiency at national and sub-national levels.