Zainab Ahmed, the Minister of Finance, Budget and National Planning, has disclosed that the projection, based on existing approvals reveals that Nigeria’s total public debt may hit N38.68 trillion by December 2021.
The minister stated this on Tuesday when she appeared before the Senate Committee on Local and Foreign Debts. She said her comments come amidst growing concerns over Nigeria’s debt stock, as the nation plans to fund the 2021 budget deficit with N4.28 trillion new borrowings which represents about one-third of the proposed budget.
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