The Federal Government of Nigeria says Nigeria’s public debt stock is projected to rise to N38.68 trillion by December 31, 2021.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Tuesday when she appeared before the Senate Committee on Local and Foreign Debts.

It was earlier reported that the federal government planned to borrow N4.28 trillion from domestic and foreign sources to finance 2021 budget deficit of N5.20 trillion, which represents 3.64 percent of estimated GDP.

The minister said the total debts, comprising domestic and foreign borrowings of the federal and state governments and the FCT, stood at N31.01 trillion as at June 30, 2020.

According to her, the country’s debt profile was N27.4 trillion in December 2019.

She added that based on existing approvals, the debt is projected to rise to N32.5 trillion in December 31, 2020 and N38.68 trillion in December 31, 2021.

The minister, however, said the federal government had not defaulted in the repayment of its loans.

“We have been meeting all our local and foreign obligations as and when due.

“We have never defaulted in any debt service,” she added.