Nigeria’s Debt Profile To Reach N38.68trn In 2021 — FG
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,
IMF worries over Nigeria’s repayment capacity of N24.39tn debt
The International Monetary Fund, on Tuesday, expressed worry over Nigeria’s ability to repay its foreign debt which had continued to rise. Though it said conditions were favourable for the country to continue to borrow, the IMF equally expressed worry over the capacity to repay. The Punch reports that the Financial Counsellor and Director, Monetary and Capital Markets Department, IMF, Tobias Adrian, while presenting the Global Financial Stability Report at the ongoing joint annual spring meetings with the World Bank in Washington DC, said, “Nigeria has been borrowing in international markets but we worry. So, on the one hand, that is very
