The Statement
Economic commentators have argued that Nigeria’s fiscal structure prioritises debt servicing over social spending.
The Facts
Federal budget data shows Nigeria spent ₦7.8 trillion on debt servicing in 2023, while the combined allocations for health and education were significantly lower.
Debt servicing accounted for roughly 38% of total federal expenditure, highlighting the fiscal pressure created by borrowing.
The Conclusion
Budget data supports the claim that debt servicing consumes a larger share of government spending than key social sectors.