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Many African countries like other parts of the world are burdened by debts, especially now that COVID-19 has worsened economic activities.

This year, Kenya will spend 31 percent of its budget on servicing its public loans.

South Africa on the other hand would spend more than 12 per cent of its budget on paying back some of its debts.

For Nigeria

If this balloon is the size of Nigeria’s 2021 budget, this is how much the country would spend on servicing its debts this year.

While this is what would remain of the budget for government expenditure

So, how are citizens and business owners affected by this?