• Reps decry N4b allocation for power projects
Minister of Finance, Budget and National Planning, Zainab Ahmed, yesterday, informed the Senate that Nigeria’s total debt could hit N32.51 trillion at the end of next month.
The figure, she added would be in the region of N38.68 trillion by December 31,2021.
She stated: “The total debt stock of Nigeria comprises the external and domestic debts of the federal and state governments and the Federal Capital Territory which stood at N31.01 trillion as at June 30, 2020. It is projected, base on existing approvals, to rise to N32.51 trillion by December 31,2020, and N38.68 trillion by December 31,2021.”
But the Senate Committee on Local and Foreign Debts, which invited her, expressed worry that despite the increasing liability, there were still numerous abandoned road projects across the country.
She said work on the legacy projects, Lagos-Ibadan highway, Second Niger Bridge, East-West road and Abuja-Kaduna-Kano road, was ongoing because they were few and funds were available for them.
HOWEVER, the House of Representatives Committee on Power has decried the N4 billion allocation for the Transmission Company of Nigeria (TCN) in the 2021 budget.
Consequently, the committee cancelled all new capital projects planned by TCN next year.
The firm, led by its Managing Director, Sule Abdulaziz, had appeared yesterday before the committee to defend its next year’s budget proposal totallingN165,89,532,680.
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