- Clarifies why Mambilla Power Project wasn’t captured in 2021 Budget
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the total public debts of Nigeria would hit N38trn by December 2021.
The Minister stated this yesterday, during her presentation to the Senate Committee on Local and Foreign Debts.
According to Mrs. Ahmed, “The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020.
“It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020 and N38.68 trillion by December 31, 2021.” She attributed reasons for numerous abandoned road projects across the country to poor funds releases occasioned by dwindling revenue, saying the current Sukuk fund is N162bn for 45 roads cutting across the six geo-political zones.
On why the Mambilla Power Project was not captured in the 2021 Budget, the minister explained that the project was not removed from the budget of the Ministry of Power, but that it was not prioritised by the Ministry of Power when it submitted its 2021 Budget.
Explaining further during a budget defense session with the House of Representatives Committee on Finance, Ahmed said that the Power Ministry exceeded the available envelope for its budget, adding that ministries are given a budget envelope within which to prepare their budgets, and only priority projects are adopted.
The Senate had earlier expressed displeasure when it discovered that the much talked about Mambila Power Project was not captured by the Federal Government in the 2021 Budget.
The Mambila Power Project was designed to help improve power generation and supply in Nigeria and has a generation capacity of 3,050 Mega Watt (MG), when completed.
