Nigeria’s Borrowings: Finance Minister Sues For New Approach To Project Funding
Nigeria’s Minister of Finance Zainab Ahmed is asking the Federal Government to consider a new approach of funding projects executed from borrowed funds.
Working with the Senate Committee on Foreign and Local Debts on the 2021 budget, the Minister says the staggered approach in projects implementation could be wasteful and ineffective.
Responding to questions from some members of the Clifford Odia-led Senate Committee on Foreign and Local Debts, the minister explains why contractors across the country, leave site shortly after they start work.
The minister explains that despite a seeming high debt deficit standing at 4.4 trillion Naira, the government has been committed to debt service over the years.
She says as at October 2020, the government has paid off 81.29% of both foreign and local debts.