HarunaTukur,FCT- By December 2021, Nigeria’s debt profile is to increase by N18.67 trillion if the picture painted by the Minister for Finance, Budget and National Planning is true.
The Minister in the person of Mrs Zainab Ahmed stated this whilst defending the ministry’s budget estimates for the year 2021 before the Senate committee on Local and Foreign Debt.
The Minister stated that Nigeria’s debt stock, both external and domestic would rise to N32.51 trillion by December 31, 2020, disclosing that as at June 30,2020, the nation’s debt stock ( Federal, State and the FCT) stood at N31.01 trillion as at June 30, 2020 while forecasting that it would rise to N38.68 trillion by December 31, next year.
She said: “The Total Public Debt Stock
comprising the External and Domestic
Debts of the Federal and State
Governments and the Federal Capital
Territory (FCT) which stood at N31.01
Trillion ($85.90Billion) as at June 30, 2020
is projected, based on existing approvals,
to rise to N32.51 Trillion by December 31,
2020 and N38.68 Trillion by December 31,2021”
Ahmed also spoke on the troubling issue stating that she would advise the counterpart ministry of works to focus on what she described as priority projects spread across the six geopolitical zones ensuring their completion before attempting to construct new roads.
Projects such as the Lagos-Ibadan
expressway, 2nd Niger Bridge, East-West
road, and Abuja-Kaduna-Kano road, were ongoing without hitches due to availability of funds.