Neco 2019 Government Question 7

During the fiscal year 2023, the federal government recorded the following revenues (in billions of naira): tax revenue\=\(45\), non‑tax revenue\=\(15\). Its expenditures (in billions of naira) were: health\=\(20\), education\=\(15\), defence\=\(12\), infrastructure\=\(10\), debt service\=\(8\). (a) Determine the fiscal deficit for the year. (b) The deficit is financed by borrowing at an annual compound interest rate of \(6\%\). Calculate the total amount of debt that will be outstanding after three years. (c) If the country's gross domestic product (GDP) is \(500\) billion naira, express the debt after three years as a percentage of GDP (to two decimal places).