Stella Dimoko Korkus.com: Nigeria's Finance Minister Says Country's Debts Will Hit N38.68 TRN In 2021..

Advertisement

Advertisement - Mobile In-Article

Wednesday, November 04, 2020

Nigeria's Finance Minister Says Country's Debts Will Hit N38.68 TRN In 2021..

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Tuesday that the total public debts of Nigeria would hit N38trn by December 2021..
She said this 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.
.
“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.


Once the fund is released and it is finished, we stop again. That’s the consequence of these numerous projects that we put in the budget.
.It is not related to Sukuk-funded projects alone, it cuts across all the projects.
You will see a road that costs, may be, N5 bn, and you will see a provision for N100m, N200m or 300m.
.



“Of course the project will never finish. After two years, the contractor comes back and asks for variation, and the amount keeps growing.
 I wish that we get to a point when we sit down as government and agree that let us select a few projects, finish them in 2020, and then in 2021, we select the next.So that on a geopolitical basis, those selections are done as a collective process.”

from @punchnewspapers on instagram

33 comments:

  1. Keep borrowing,and let it keep rising.....Projects u politicians swallow half of d money,how will u complete it. when country becomes unbearable its to carry my bag with my family. Clueless Govt

    ReplyDelete
    Replies
    1. So who will now pay for it! How this one affect the price of onions in the market!

      Delete
    2. I'm telling you my lady, Na to carry bag and leave their damaged country for them. What!! 😱😳😳.

      Delete
    3. Wetin this woman dey always yarn sef?

      Delete
    4. All the loots that were recovered what was it used for ?
      Why do they like borrowing money ? This woman doesn't even look like she knows what she is doing .
      When I read this I felt so bad for Nigeria , all these loans are used in funding their lascivious lifestyle .

      Delete
    5. Exactly, they should keep borrowing. They will need money to manage the dilemma God will place on them. Yeye people

      Delete
  2. When they're busy paying themselves in millions monthly. I'm not surprised

    ReplyDelete
  3. Evil people.........

    ReplyDelete
  4. And you're pushing to borrow $1.2B from Brazil.

    ReplyDelete
    Replies
    1. Are you as shocked as i am?? Jesuu!! 😳😳.

      Delete
  5. Who are they using the loan money for? Enriching themselves and not concern about the country.

    ReplyDelete
  6. For what nao? Weytin We buy? Ah

    ReplyDelete
  7. Hey God of Justice! πŸ™†‍♀️πŸ™†‍♀️. This people has wrecked us. Please what did they do with all these trillion and billion dollars?? And she's even questing for more borroweings?? Hey God! Please i feel that the countries these MOFOs are owing should start deducting monies from their accounts both home and abroad. They should also start seizing their properties, home and abroad too. I mean, It's critical clear that the demons borrow trillions and billions to share it amongst themselves. How did i become a Nigerian bikonu?? Omo na to carry my bag run oo😱😱.

    ReplyDelete
    Replies
    1. *Crystal clear

      Here picturing how amazing it'd be to run away with you sweetheart @Shooter Sunshine πŸ’‹πŸ˜˜.

      Delete
  8. Plunging the country more into debts without anything to show for it. Posterity will surely judge you guys.

    ReplyDelete
  9. Posterity will judge all of you. You keep borrowing while we're not seeing the positive effect on the economy of the country.

    ReplyDelete
  10. That shows how inefficient she has been. she pushed Nigeria to debts

    ReplyDelete
    Replies
    1. Very very inefficient woman!! She ought to be ashamed of herself

      Delete
  11. Whoever becomes the next President won't find it easy to govern. It will take like over 30yrs to redeem the damages these abokis have subjected Nigeria to. So pathetic, Nigeria is now looking like a shadow.

    ReplyDelete
  12. This is why the youths should rise up now. Who wan pay all this igbese??? See fathers leaving debts for their children after they die just so their children can be taken into slavery! Tueh!!

    ReplyDelete
  13. See how she resemble the demonic president.

    God will never forgive you people for over borrowing

    ReplyDelete
  14. Na wa oo. With the way you people are going about borrowing, I hope you'll still have a country to rule over in years to come. Clueless and wicked people in government

    ReplyDelete
  15. What is the essence of going for more borrowing when it will eventually turns out for more sorrowing for the poor masses in terms of more tax imposition, fuel and electricity tarrif increase etc. This APC govt is wicked. It baffles me when country still gives out loan to this country when there is still humongous debts not yet paid. I thought they said they have recovered some money embezzled. Oh i remember it is re-looted.

    ReplyDelete
  16. They keep borrowing and no improvement or hope to payback the loan, wonder what was done with the looted funds recovered. This country tire ma abeg

    ReplyDelete
  17. Na thunder go fire una wicked ass, did squandered the money with you people?why are you now disturbing us with ur debts?

    ReplyDelete
  18. This is really annoying! Brazil ranks top 10 in the current rankings for corrupt governments in the world. Our debt profile will likely hit ₦38T by 2021.

    Yet these guys don't want to stop borrowing and for the ones already borrowed, nothing to show for it. Soon we will take loan from Burundi. This is crazy!

    How can you be taking more loan without performance? Even an ashawo knows she can't retain a customer without good doggiestyle performance as at and when needed.

    ReplyDelete
  19. How I wish the Brits never colonized us..wish Spain were the ones that colonized this country

    ReplyDelete

Disclaimer: Comments And Opinions On Any Part Of This Website Are Opinions Of The Blog Commenters Or Anonymous Persons And They Do Not Represent The Opinion Of StellaDimokoKorkus.com

Pictures and culled stories posted on this site are given credit and if a story is yours but credited to the wrong source,Please contact Stelladimokokorkus.com and corrections will be made..

If you have a complaint or a story,Please Contact StellaDimokoKorkus.com Via

Sdimokokorkus@gmail.com
Mobile Phone +4915210724141