The government has told the National Assembly that at the end of the last fiscal year, the per capita debt jumped to Rs175,000 – an additional burden of Rs54,901 or 46 percent for every person within two years.
The Ministry of Finance also admitted in the 2020-21 Fiscal Policy Statement that the government breached the 2005 Fiscal Responsibility and Debt Limitation (FRDL) Act by failing to reduce the federal fiscal deficit to 4% of the size of the national economy.
It added that the federal deficit stood at 8.6 percent of GDP – more than double the cap set by the legislation.
The statement was sent to the Secretariat of the National Assembly and was on the agenda of the assembly’s proceedings on Thursday.
It is possibly the thinnest policy statement ever, carrying very little details, since the practice began to educate the elected representatives of people of the state of fiscal affairs.
