The Minister of Finance, Budget and National Planning, Zainab Ahmed , has said Nigeria’ s total public debt will hit N38 tn by December 2021 .
Ahmed said 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 . 01 tn ($ 85 . 90 bn ) as of June 30 , 2020 .
“ It is projected, based on existing approval, to rise to N32 . 51 tn by December 31 , 2020 and N38 . 68 tn by December 31 , 2021 . ”
This means that the country will borrow N6 .17 tn in 2021 .
She attributed numerous abandoned road projects across the country to poor funds releases occasioned by dwindling revenue .
Ahmed explained that the current Sukuk fund was N162 bn 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 .
