Nigeria’s total public debt will hit N38tn by December 2021, according to Minister of Finance, Budget and National Planning, Zainab Ahmed.
Ahmed disclosed 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 home debts of the federal and state governments and the Federal Capital Territory stood at N31.01tn ($85.90bn) as of June 30, 2020.
“It is projected, based on existing approval, to rise to N32.51tn by December 31, 2020 and N38.68tn by December 31, 2021.”
The projection means that the country will borrow N6.17tn in 2021.
Ahmed said poor funds releases occasioned by dwindling revenue was responsible for numerous abandoned road projects across the country.
The minister explained that the current Sukuk fund was N162bn for 45 roads cut across the six geopolitical zones.
She said, “I am one person that feels that we should just take one major road in one geopolitical zone and finish it.
“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.
“But truly, if we are able to just take one or two projects at a time and complete it before going to the next one, it will be better.”
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