Nigeria’s debt profile rises to N32.2tn | 5 Things That Should Matter Today

Nigeria’s debt profile rises to N32.2tn

Nigeria’s public debt reached a total of N32.2tn at the end of September 2020.

The announcement was made by the Debt Management Office Thursday, 31 December 2021. The data also indicates that Nigeria’s national debt profile rose by N1.19tn between the second and third quarters of 2020.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had stated last month that the country’s total public debt may rise even further by N6tn, hitting N38.68tn by the end of 2021.

Buhari signs off 2021 Budget

Nigeria’s president, Muhammadu Buhari (retd.), on Thursday, 31 December 2020, signed the country’s 2021 Appropriation Bill and the 2020 Finance Bill into law respectively. The implementation is set to commence by January 1, 2021 and ensuring the continuation of the January-December cycle.

Signing the N13.59tn budget, Buhari said he was aware of the changes the National Assembly made to the proposal he submitted. He also said his government would examine the changes made and request for amendment by the lawmakers where necessary.

Locals demand N500m as Lagos officials demolish houses

Residents of Oyetubo Oyemade Estate in Sangotedo, Eti-Osa area of Lagos State, have opposed the demolition of their buildings by officials of the Lagos State Ministry of Physical Planning and Urban Development.

Estate owners, Oyetubo Oyemade Estate Resources Limited, and estate residents, in a petition to the Lagos State Governor, the Speaker of the Lagos House of Assembly, the state Attorney General and Commissioner for Justice, and the National Human Rights Commission, demanded N500m as compensation for the destruction of their structures.

‘Budget of rekindled hope’

Lagos governor, Babajide Sanwo-Olu, on Thursday, 31 December 2020, signed the N1.163 trillion 2021 Appropriation Bill.

The “Budget of Rekindled Hope”, will be implemented to allow Lagosians flourish despite the COVID-19 pandemic challenges, Sanwo-Olu said. The ‘Budget of Rekindled Hope’ is expected to have a capital expenditure of N702.9 billion and a recurrent expenditure of N460.6 billion which stands at a ratio of 60 to 40 per cent.

Speaking at the Lagos State House, Marina, the governor said in part: “With the passage of the bill, we will continue our work of rebuilding Lagos, advancing economic growth, and expanding opportunities for Lagosians to flourish despite the economic challenges caused by the coronavirus. As we already know, 2020 will go down in history as a peculiar year largely defined by the COVID 19 Pandemic and the #EndSARS protests, which were recklessly hijacked by those who destroyed some of our public assets and private businesses.”

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