Minister of Finance, Ahmed Zainab, yesterday, stated that Nigeria’s foregin debt based on existing appropriation will hit N32.5 trillion by December, 31, 2020 and N38.68 Trillion by December 31, 2021.
Minister who appeared before the Senate Committee on Local and Foreign Debts, chaired by Clifford Ordia, explained that Nigeria’s debt stood at N31.01 trillion as at June 30, 2020.
She said the 2021 Appropriation Bill probides for new borrowing of N4.1 trillion and the new borrowing is broken down between domestic of N2.5 trillion and external of N2.5 trillion.
The Minister said: “The total public debt stock comprising the External and Domes debts of the Federal and state governments and the Federal Capital Territory (FCT) which stood at N31.01(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.”
Meanwhile, the minister has given reasons for numerous abandoned road projects across the country.
She said: “The current Sukuk fund is N162 billion is for 45 roads cutting across the six geopolitical zones. I’m one person that feels that we should just do this and take one major road in one geopolitical zone and finish.
“We were not able to do that because of the processes in which appropriation is made both at the executive as well as the legislative arms of government.
