FG Paid $700 Million On Debt Servicing, Edun Tells Senate - Politics

FG Paid $700 Million On Debt Servicing, Edun Tells Senate - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › FG Paid $700 Million On Debt Servicing, Edun Tells Senate (4593 Views)

FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Paraman(op): 9:35pm On Jul 03, 2024

The Senate on Wednesday urged the Federal Government to intensify efforts in funding the capital components of the three national budgets running concurrently in the country.

The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola gave the task when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Madein, appeared before the panel over the budgets’ performances.

Adeola lamented the poor funding of the capital components of the budgets and urged Edun to improve on it.

Adeola said, “It is the capital component of the budgets that will showcase this government largely in terms of performances.

“The capital components tend to showcase various projects that will be executed by this government and people can say the government is doing this, it’s doing that.

“That is why we are emphasising the performance of the 2024 capital component of the project.”

Adeola added that “the N1.84 billion achieved so far out of a N9 trillion capital expenditure component is nothing to write home about.

“I would want you to please look towards this direction. And I want you to do more engagement with the Ministries, Departments and Agencies of the government.”

Adeola urged the Minister to engage more with the MDAs because most of them were not aware of the current arrangement regarding the funding of capital projects.

The Senate panel chairman also hinted at plans by the red chamber to organise a public hearing on the Nigerian National Petroleum Company Limited which stakeholders in the oil and gas sector would be invited including the Finance Minister.

Adeola nevertheless commended the Minister for achieving 100 per cent funding for the 2023 supplementary budgets.

He said, “We did the supplementary budget, which we have achieved 100% release, which is highly commendable.

“It will not be out of place for you to have a periodic report on the implementation level of these agencies so that at least you can be guided on why transiting to the new method of payment as you can be guided.

“As for the main 2023 budget, we are lagging by over 50 something per cent, I also strongly believe that we should work around the clock.”

The Finance Minister told the senators that the FG had made progress in its ongoing forensic investigation into the N30tn Ways and Means.

He also said that the take-off of the electric and Compressed Natural Gas vehicles has been held up by a spike in freight costs.

Edun pledged that his ministry would intensify efforts in monitoring the revenue-generating agencies, adding that the debt service is up to date.

Edun said, “The procurement of electric and CNG buses and conversion kits, more importantly, has been held up by a spike in the freight costs.

“It’s just the ingenuity of one of the young men that is in that business that when I’ve got a bulk carrier that has a lower freight cost. Otherwise, the trade cost per bus became daunting and it made people just hold up to see whether this procurement was profitable for them.”

On debt payments, he said, “We have paid $700m in debt services for 420 national development agencies and others”

Speaking on the Ways and Means, “We are also interrogating the N22.7tn that we met on the ground. We instituted a forensic audit to see the impact.

“We are also interrogating the revenues that are due to us from everybody because we need to. The view of the fact that ways and means are going down rather than up, so we are servicing all the debts.”

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4 Likes

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by AdeCityzen(m): 9:49pm On Jul 03, 2024*

FTC.

We're. We'll. We shall. Still Nigeria stay stagnant may God help us

5 Likes 1 Share

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Standing5(m): 4:37am On Jul 04, 2024

That's over a trillion in local equivalent

1 Like

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by helinues: 4:47am On Jul 04, 2024

Good

Our credit score is improving as we are servicing our debts when due

71 Likes

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by 89green: 7:17am On Jul 04, 2024

Good, lets make sure we dont go about borrowing more money abeg

3 Likes

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Lanre4uonly(m): 7:18am On Jul 04, 2024

Ok, noted.

1 Like

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by FireUpNow(m): 7:20am On Jul 04, 2024

Continue

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by CooldipoMPS: 7:23am On Jul 04, 2024

See

money

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by dalongjnr: 7:24am On Jul 04, 2024

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by oyeb15: 7:24am On Jul 04, 2024

A common man on the street knows Nigeria economy than this dumb finance minister.

The day I see him speak like a scared chicken while delivering one year achievement, I know Nigeria is in trouble.

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by bestman09(m): 7:29am On Jul 04, 2024*

$700m just to service a debt? For how many years?

It's really finished 😦

AdeCityzen:
FTC. Let me use this moment to let y'all know that tomorrow is my 20th birthday, am i welcome to the twenthies club?

Wish me well NL family, gifting is allow!

We're. We'll. We shall. Still Nigeria stay stagnant may God help us

Happy birthday young man.
Children are so many on this forum sha!

1 Like

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Badgers14: 7:32am On Jul 04, 2024

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by XXXsearch: 7:33am On Jul 04, 2024

Anytime I see Tinimbum, I remember Darken Rahl, the famous character in Legend of the seeker who's mission on earth was to deceitfully suffocate mankind and bring hell to them on earth playing the devil's wish

Tinimbum represents evil and wickedness while pretending to be God's sent, this was exactly how Darken Rahl played it.

Deceiving only gullible followers

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by commoditiesnig(m): 7:42am On Jul 04, 2024

Very good.

1 Like

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Ojuntana: 8:06am On Jul 04, 2024

He also said that the take-off of the electric and Compressed Natural Gas vehicles has been held up by a spike in freight costs.

Excuse nor dey finish for APC

1 Like 1 Share

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by AdeCityzen(m): 8:36am On Jul 04, 2024

[quote author=bestman09 post=130786027]$700m just to service a debt? For how many years?

It's really finished

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by TrackerSK: 9:01am On Jul 04, 2024

helinues:
Good

Our credit score is improving as we are servicing our debts when due

You wanna waste today again?

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by TrackerSK: 9:04am On Jul 04, 2024

AdeCityzen:
FTC. Let me use this moment to let y'all know that tomorrow is my 20th birthday, am i welcome to the twenthies club?

Wish me well NL family, gifting is allow!

We're. We'll. We shall. Still Nigeria stay stagnant may God help us

Same age with my last son.Nah small pikin full here.No wonder the insult on this forum

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by rickleye: 9:18am On Jul 04, 2024

Loan this, Loan that … build this, build that…

Yet the FG still getting loans . FG spending money and printing money . No fiscal or monetary policy. Stop spending !!!!

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Princeton92(m): 9:30am On Jul 04, 2024

AdeCityzen:
FTC. Let me use this moment to let y'all know that tomorrow is my 20th birthday, am i welcome to the twenthies club?

Wish me well NL family, gifting is allow!

We're. We'll. We shall. Still Nigeria stay stagnant may God help us

Where will we celebrate you?
Drop location

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by EdiskyHarry: 10:03am On Jul 04, 2024

Tinubu remains the most useless old president in the history of Africa. When lie Mohammed told us we will miss buhari, I was thinking it's a joke.

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by tishbite42: 11:00am On Jul 04, 2024

Tinubu is a curse and a plague to Nigerians

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by mapet: 8:51pm On Jul 04, 2024

AdeCityzen:
FTC.

We're. We'll. We shall. Still Nigeria stay stagnant may God help us

Tell me what (if) you understand in the whole statement

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by AdeCityzen(m): 9:01pm On Jul 04, 2024

mapet:
Tell me what (if) you understand in the whole statement

It's last night news, but it talk about Edun analysing the economy before the plenary

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by mapet: 8:15am On Jul 05, 2024

AdeCityzen:
It's last night news, but it talk about Edun analysing the economy before the plenary

Even if you had tried to summarize in plain English, it would have been better than this lame submission you put here. The problem is that many like you who should have devoted more time to learning come out with ignorance in gusto.

It is a simple as this...
1. there is the concern of a seeming underfunding of Capital projects

Adeola added that “the N1.84 billion achieved so far out of a N9 trillion capital expenditure component is nothing to write home about.

2. That while the funding of supplimentary budget has been achieved 100%, the main 2023 budget had a deficit trending 50%...

Now separate these 2 from the minister presenting a contextual scorecard that you ignorantly termed "we will"
- Servicing of legacy debt

“We have paid $700m in debt services for 420 na[quote]tional development agencies and others”

- Addressing/monitoring the true position on Ways and Means borrowed

“We are also interrogating the N22.7tn that we met on the ground. We instituted a forensic audit to see the impact.

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by AdeCityzen(m): 12:24pm On Jul 05, 2024

mapet:
Even if you had tried to summarize in plain English, it would have been better than this lame submission you put here. The problem is that many like you who should have devoted more time to learning come out with ignorance in gusto.

It is a simple as this...
1. there is the concern of a seeming underfunding of Capital projects

Now separate these 2 from the minister presenting a contextual scorecard that you ignorantly termed "we will"

Sir, you did well to explained that, but i'm not an analyst neither an economist, i'm still a learning student. It's obvious that you're an elder on here and seeing that you rarely make comments on here yet you took your time to enlighten me more about the news, big thanks to you sir. Can you be my mentor?

1 2 Reply

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