NewStats: 3,262,004 , 8,175,850 topics. Date: Saturday, 31 May 2025 at 01:34 PM 2563

Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021.

Speaking when she appeared before the senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020.

According to the Debt Management Office, the total public debt stock, which comprises the debt stock of the three tiers of government, stood at N31.009 trillion at the end of June 2020.

“The total public debt stock comprising the External and Homes debts of the Federal and state governments and the federal capital territory stood at N31.01 trillion (USD85.90 billion) as at June 30, 2020,” she said.

“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.”

The International Monetary Fund estimated that Nigeria’s debt to gross domestic product (GDP) ratio stood at 29 percent in 2019; including Asset Management Corporation of Nigeria (AMCON) debt and power sector financing.

The federal government spent 97.5 percent of its January to May 2020 revenue on debt servicing.

During the five-month period, N1.58 trillion was spent on debt servicing; representing 97.5 percent of the N1.62 trillion revenue generated.

The minister attributed the various abandoned road projects in the country to poor funds releases caused by dwindling revenue.

“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.

“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.

“You will see a road that costs, maybe N5 billion, and you will see a provision for N100 million, N200 million or 300 million.

“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.

ment
“So that on a geopolitical basis, those selections are done as a collective process.”

Ahmed assured that legacy projects like the Lagos-Ibadan highway, 2nd Niger Bridge, East-West road, and Abuja-Kaduna-Kano road, are ongoing due to availability of funds.

https://thecable.ng/zainab-ahmed-nigerias-debt-may-jump-by-n6trn-in-2021-to-hit-n38trn

If you're reading this just know that Nigerian government doesn't have plans for her citizens... They only know how to loot and put the country in debt.

I quote in peace!

Meanwhile, guys I sell beard oil (Original) if you want to grow beard before December and you reside in Lagos chat me now, I will deliver beard oil to your preferred location within Lagos, payment on delivery is allowed

After this borrowing and setting up audio schemes, masses are still suffering..


What's really the aim of this government, for the past 6yrs they have been blaming the past government and haven't found their bearing,..no objective on how to alleviate the masses from poverty

Animals that this useless government I guess u have an answer to it all..

38 trillion borrowed And Nigeria is still topping the list of the Poorest country in the world!!

Worst Roads in the world
Worst Schools, Security, and the list is endless

This 38trillion if put to good use could have change the entire story of nigeria, But no, Black people and their black brain!

Recently, my curiosity has led me in to making some research about black people, Do we have the same brain with white?? Is our brain really black??

Why is it that Blacks countries are the poorest in the world, And not just in Africa, Even in North America too, Black countries like Jamaica, Haiti and so on are also poor!!

Even in America, Blacks mostly live in the ghetto!


What is wrong with us?? Are we created Differently?


So many questions I need answers for!

By 2024 many of u will be sawing new uniforms am sure


Youth will have take over
Pls reform Kuje ,ikoyi,alagbon,kaduna,. and any prison of your choice

You be needing long rest there

This country is on a long thing, Nigeria has break a record, for more about Nigeria's Debt check this:https://nairaland.unblockandhide.com/6212356/nigerias-debt-86-billion-dollars

1000 rich Nigerians can come together and pay dis debt, but dey won't because na Dem steal d money in d first place

God blessed country like Nigeria shld be debt free, but because of our greedy leaders we are in debts............

Whose fault? Shey na me dey help una dey borrow ni?

And you politicians Keep borrowing for your selfish interests and unborn generations... It's not China again, it's now Brazil.

If you still Buhari at this point, its either that you've got brain problems or you're one of them.

Shame on you all. Posterity will never treat you kindly.

BOrrow nation.

The crazy thing is that no one can point at a project and say: this is what we did with the loan.

I pity our future generations

O boy, I love US election.... What I learned from all this is don't brag and destroy another person image like cnn did to trump all because of election, you might be driving more sympathizer his way.

Now see cnn wey openly say that "according to poll, trump chances of reelection is zero and binding chances is 98%" ...... Now the same cnn is struggling to analyzed election results coming in because trump is about to Bleep them again...... Infact from electoral college votes heading his way, trump is 85% set for white house return.... I love it seeing how cnn is trembling...... Their propaganda is hit back at their face hard.......
.. Mr President, the God of innocent will judge you fairly........ Ride on, ... No media judgement or intimidation, propaganda will frustrate you.

I love it, how trump is painting US red, they manufacture pandemic and racial lies just to tarnished trump image....... But what they can not lie about was America economy growth under trump before the pandemic....... Trump is the best for America especially now.

Politicians debt.

What do you expect from the most clueless, ignorant and terrorist government in history.

I dey hear say Dem still wan increase VAT

you can borrow 1trillion usd

as long as you keep the maitama based fulani cartel well oiled

and give 20k npower pocket money to your hungry APC zombies

no new industries created
no serious investment in a world class educational and medical institution after 60 years
just loan and loan upon loan

sai buhafreak

nonsense and government

Buhari is clearly trying to destroy the Nigerian economy so it would be almost impossible for anyone coming after him to succeed.

My anger is these loans don’t reflect in the daily life of the average Nigerian, it’s hard to highlight any meaningful physical project been funded by these projects.

They spent the Chinese loan with nothing to show for it, they’ve now moved on to Brazil to borrow more, what kind of daft finance minister do we have that allow them make these foolish decisions.

IPOB is the cause of all this. They're too stubborn

boman2014:
https://thecable.ng/zainab-ahmed-nigerias-debt-may-jump-by-n6trn-in-2021-to-hit-n38trn

Lol, as expected.

Thank you Buhari

We appreciate All your borrowing dear Bubu and Committee.......

Now the question is what have you been doing with all these Mullah

Atleast wen Brazil comes for their debt. They country get boys were go service their women on a daily basis

Buhari

Looks like BODEN WINS US PRESIDENTIAL ELECTION AGAINST TRUMP

We are getting there gradually. Cool.

This government is only good in borrowing .

At this point if you're ing Buhari then you're a mad person.

Clueless govt.
After Brazil, where next?
Borrowing is now their Hobby.

let me mind my buisness

Biden! Come on boy! You can do it
Come on...

the Brazilian loan if secured, would enter individual pockets as usual. Contracts would be inflated and awarded to their cronies with mobilisation paid up to 75% and jobs would only be executed up to 50% completion with delay tactics, during which exchange rate would soar as always the case and that would give them excuses to borrow more to complete the project. We know how they roll in this government with their systematic looting.

boman2014:
https://thecable.ng/zainab-ahmed-nigerias-debt-may-jump-by-n6trn-in-2021-to-hit-n38trn

Many have borrowed but few will pay