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In the same logic, agricultural activities are majorly tax-exempted, implying that the sector is not a cash cow

This suggests that sectors that drive GDP, which historically informs government’s borrowing, do not provide the liquidity needed to service debt, economists have argued.

Dr. Bongo Adi, an economist at the Pan-Atlantic University had maintained that revenue consideration is a major factor, much more relevant than GDP, when analysing debt sustainability.

In 2020, which is still the most recent complete data on economic performance, the government spent N2.43 trillion, which was 71 per cent of the amount available for budget funding, on debt servicing. This was contained in the budget implementation report released by the Ministry of Finance, Budget and National Planning a few weeks ago. The overall figure was a modest when the government earned N billion and incurred N billion on debt-servicing.

The Federal Government had spent N2

As at September last year, the debt servicing to revenue ratio of the running budget was 65 per cent. 57 trillion servicing debt within the period its earned revenue was N3.95 trillion.

David Adonri, Vice Chairman of Highcap Securities Limited, said the near-70 per cent debt servicing to revenue ratio and the fact that the government is refining some existing debt obligations indicates that the country’s debt situation is already in crisis.

“When debt gets to the level we are in now, there is a crisis.