Minister of Finance, Budget and National Planning, Zainab Ahmed, has come out to say that Nigeria’s N25.7 trillion debt is not anything to worry about.
Mrs. Zainab said there is nothing to be bothered about because, despite the international and domestic debt stock, the country is not in a debt crisis.
According to her, Nigeria’s problem is not debt related, but revenue generation.
Her words, “We have heard repeatedly that Nigeria is inching towards a debt crisis and we have consistently said that Nigeria does not have a debt crisis. Our total borrowing rate is just under 50 per cent of our GDP, while the multilateral institutions project for a country to borrow from 50 to 55 per cent of the Gross Domestic Product (GDP).
What we have, is a revenue problem. Our revenue performance by half year is 58 per cent. So, we have designed this Strategic Revenue Growth Initiative early this year, which has three thematic areas.”
President Muhammadu Buhari presented the National Assembly with details of the 2020 budget days back.
As revealed to the red chamber, the aggregate expenditure for the 2020 Budget stood at N10.33 trillion. The budget proposal, however, showed that debt services would gulp a sum of N2.45 trillion.
So what do you think?
Zainab Shamsuna Ahmed (born 16 June 1960) is a Nigerian accountant. She is the current Minister of Finance, Budget and National Planning appointed on August 21, 2019 as President Muhammadu Buhari brought the two ministries under her as one, making her the de facto Minister of Economy.
Upon the resignation of the erstwhile Minister of Finance Kemi Adeosun on September 14, 2018, Zainab Ahmed was appointed as Finance Minister in September 2018. In 2015, she was appointed as the Minister of State for Budget and National Planning by President Muhammadu Buhari.
Ahmed was born in Kaduna State. She had her secondary school education at Queen Amina College, Kaduna, and later proceeded to have her A’Level in Zaria. She got her first degree in Accounting from Ahmadu Bello University in 1981, after-which she proceeded to Olabisi Onabanjo University for her MBA.
Ahmed’s MBA was obtained in August 2004 from the Ogun State University, Ago Iwoye; while her BSc Accounting (1981) was from Ahmadu Bello University (ABU), Zaria; IJMB ‘A’ Levels (1979) from SBS/ABU Zaria; and WASC ‘O’ Level in 1977 from Queen Amina College, Kaduna.
Ahmed has served the Nigerian public in various high ranking positions, including as managing director of the Kaduna State of Nigeria’s investment company, and also the Chief Finance Officer of the Nigeria mobile telecommunications company. As Nigeria’s Finance Minister, Zainab bags new degree from PMB School of governance on Wednesday, May 22, 2019. Zainab was reappointed and sworn in as the Minister of Finance on the 21st of August 2019 by the President.
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