The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the total of Nigeria debts would hit N38trn by December 2021.
GoldenNewsNg reports that 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.
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“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 45 roads cutting 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.
” What the contractor does is the bit that has been cut out for him to do in that particular area.
