Nigeria's mounting debt profile projected to hit N38trillion in 2021

The minister of finance, budget and national planning, Zainab Ahmed, has revealed that the total public debts of Nigeria would hit N38trillion by December 2021.

The minister disclosed this on Tuesday, November 3 in her presentation to the Senate committee on local and foreign debts.

According to her, the total public debt stock comprising the external and home debts of the federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as of June 30, 2020.

Her words:

“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.”

Last month, Mrs. Ahmed said the country will not apply for debt relief to get out of its crippling N31 trillion debt burden.

The minister made the government's position known on Tuesday, October 13 in Abuja during the public presentation of Budget 2021, adding that the Buhari administration is not considering such an option at this time.

According to her, many loan agreements have been entered with various lenders, adding that asking for debt relief would portend Nigeria in the eyes of its creditors as a country that cannot repay its debts.

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