Nigeria’s public debt to hit $100.8 billion in December 2021

Nigerian Minister of Finance, Budget and National Planning Zainab Ahmed has said that the country’s total public debt may hit $100.8 billion by December 2021.

Ahmed made the statements when she appeared before the Senate Committee on Local and Foreign Debts.

There have been growing concerns among the public and economists over Nigeria’s debt stock. That notwithstanding the oil producing nation intends to fund the 2021 budget deficit with $11.2 billion of loans, one-third of the proposed budget.

President Muhammadu Buhari presented to the National Assembly in October a budget that proposed $34.2 billion expenditure for the 2021 financial year.

Buhari also announced that total federally distributable revenue is estimated at $22 billion in 2021 while the total revenue available to fund the 2021 Federal Budget is estimated at $20.6 billion.

The Minister of Finance 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 $85.90 billion as of June 30.

“It is projected, based on existing approval, to rise to $84.9 billion by December 31, 2020 and $100.8 billion by December 31, 2021.”

Nigeria’s debt stock has risen by over 158 per cent in the last five years.

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