Information from the presentation of Nigeria’s finance minister Zaynab Ahmed has disclosed that Nigeria’s debt stock, both external and domestic would rise to an astonishing N38.68 trillion by December 31, 2021. The minister who made the disclosure when she appeared for her ministry’s budget defense in Abuja before the Senate Committee on Local and Foreign Debt at the National Assembly complex.
The Minister who disclosed that the debt stock of the Federal, state governments and the Federal Capital Territory stood at N31.01 trillion as at June 30, 2020, further revealed that the debt profile would jump to N32.51 trillion by December 31, 2020.
Her presentation before the Senate Committee read in part:” 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.”
Speaking on the trend of abandoned projects, the Finance Minister suggested that the Federal Ministry of Works picked priority road projects across each of the geo-political zones and ensure their completion before embarking on fresh road projects.