Senate Committee on Local and Foreign Debts

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the total public debts of Nigeria would hit N38trn by December 2021. The Minister stated this on Tuesday, in her presentation to the Senate Committee on Local and Foreign Debts. The Minister said, ”The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020. “It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020 and N38.68 trillion by December 31,2021.” She attributed reasons for numerous abandoned road projects across the country to poor funds releases occasioned by dwindling revenue. She explained that the current Sukuk fund is N162bn for...