₦airaland Forum

Day169:
Nigeria's debt profile, as occasioned by huge borrowing is alarming!
Worse still, a chunk of these monies may be coming in from China.
I won't be surprised down the line, if in 30 years time, our official language becomes Mandarin!

na China of course bro, which other country wan do biz with Nigeria

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What's going on sef

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The borrowers( na movie o )

Ok

AMID concerns raised by senators on the nation’s dwindling economy and heavy borrowing by the Federal Government, the Senate, yesterday, approved the sum of N4.28 trillion to fund the N13.08 trillion 2021 budget deficit of N5.19 trillion.

With the approval, debt service estimate now hits the sum of N3.12 trillion, just as 2021 debt service estimate is far higher than the 2020 and was pegged at N1.58 trillion.

The Senate explained that the 2021 budget would be based on key assumptions, including 1.86 mbpd daily crude oil production and the benchmark oil price of USD$40 per barrel.

It also approved an exchange rate of N379/US$ while the projected GDP growth rate of three percent was adopted and the projected Inflation rate of 11.95 percent was also approved.
The approval of the Senate followed the debate of the report of the joint Committee on Finance and National Planning and Economic Affairs on the 2021-2023 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, chaired by Senators Solomon Adeola (APC, Lagos West) and Olunbunmi Adetunmbi (APC, Ekiti North).

Approving the 2021-2023 MTEF and FSP, the Senate retained the sum of N7.89 trillion as revenue for the Federal Government in the 2021 fiscal year.
According to the Senate, the N13.08 trillion approval is made up of Recurrent (Non-debt) expenditure of N5.66 trillion; Personnel Costs (MDAs) of N3.05 trillion; Capital expenditure (exclusive of Transfers) of N3.58 trillion; Special Intervention (Recurrent) amounting to N350 billion; and Special intervention (Capital) of N20 billion.

Meanwhile, the Senate has resolved to commence immediate legislative work to amend the Fiscal Responsibility Act (FRA, 2007) to improve revenue generation and remittance capacity of agencies of the Federal Government, with particular attention to Section 21 (1) and Section 22(1)(2).
Relevant Standing Committees were directed to take immediate steps to examine the laws guiding the operations of all revenue generating agencies under their oversight to determine specific sections/clauses requiring amendment with a view to plugging wastages and boosting revenue generation capacity of government.
The Senate urged the Federal Government to streamline all stamp duty collection activities by the MDAs and domicile with FIRS, to eliminate loss and deploy the use of ICT in the collection of these stamp duties.

It also urged the Ministry of Finance, Budget and National Planning, as well as the Budget Office of the Federation to re-examine the assumptions underlying the revenue targets of all the Federal Government agencies, to ensure the credibility of such assumptions, and the figures arising therefrom.
The upper legislative chamber also charged the Federal Government to constantly consider carefully, the qualifications and suitability of heads of agencies to ensure that the overall revenue objective of government in the MTEF/FSP and the annual budgets are always achieved.

The Senate added that “There is a need to institute sanctions for inability to meet revenue targets, where it is established that there are no visible constraints for such non-performance, whilst positive performance in revenue generation by MDAs should be rewarded.”
It also urged the “Nigeria National Petroleum Corporation, NNPC, to device strategies to reduce the corporation’s average cost of production in accordance with the international best practices, which currently hovers at $31 barrel per day.”

It charged the Federal Government “to ensure that all Ministries, Departments and Agencies, MDAs, pay in full and promptly, for services rendered by other agencies of government, except where it is established that the beneficiary agencies are statutorily exempted from such payments.

https://www.vanguardngr.com/2020/10/amid-concerns-over-dwindling-economy-excessive-borrowing-senate-approves-n13-08trn-2021-budget/

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The Lagos Chamber of Commerce and Industry (LCCI) has expressed deep concerns that the nation’s mounting debt profile has become unsustainable, noting that forthcoming domestic issuances could push up public debt stock to N34 trillion by the end of 2020.

Statistics from Debt Management Office put public debt at N31 trillion at the end of the second quarter, 2020, equivalent to 21 percent of GDP, and LCCI said that adding the credit support being expected from multilateral financial institutions would bring the year end figure to N34 trillion.

Briefing the media yesterday in Lagos, President, LCCI, Mrs Toki Mabogunje, stated: “LCCI is deeply concerned about the country’s rising debt portfolio without corresponding impact on output growth and economic development.
“According to official statistics from the Debt Management Office, public debt stock grew by eight percent to N31 trillion at the end of the second quarter, equivalent to 21 percent of GDP.

“At the peak of the pandemic in the second quarter, the Federal Government received financial support worth $3.4 billion and $288.5 million from the International Monetary Fund (IMF) and African Development Bank (AfDB) respectively, while negotiations are also on-going for a cumulative $1.8 billion credit support from the World Bank, African Development Bank (second tranche) and Islamic Development Bank.

“Adding this to prospective domestic issuances could possibly push the country’s public debt stock to around N34 trillion by year-end, equivalent to 23 percent of GDP.

“The growing level of the country’s debt is fast becoming unsustainable in the light of dwindling oil prices and production.

“Our position is reinforced by the uptrend in debt-service to revenue ratio from 60 percent by year-end 2019 to 72 percent as of May 2020. The high level of debt servicing continues to hinder robust investments in hard and soft infrastructures which are key to stimulating productivity and improving living standards.”
She further stated that the Chamber expects inflation to sustain its upward trajectory for the rest of the year.

“The major drivers of inflation are structural factors, which are beyond the purview and control of monetary authorities. The combination of food supply shocks, foreign exchange restrictions on food and fertilizer imports, higher energy costs – electricity and petrol, exchange rate adjustment, poor infrastructure, and insecurity in major food-producing states would pressurize domestic price level in the near term,” she said.
The LCCI president urged policymakers to formulate and implement policies that facilitate business continuity, particularly at this time that business operators are grappling with the devastating impact of the COVID-19 pandemic.
https://www.vanguardngr.com/2020/10/lcci-sees-public-debt-at-n34trn-at-year-end/

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