Nigeria Owes N3.4tn In Local Debt, Says Finance Minister

Zainab Ahmed, Nigeria’s Minister of Finance,  says the local debt owed by the Nigeria government is N3.4trillion.

Ahmed gave the figure at the Federal Executive Council (FEC) meeting, while speaking on the means of settling inherited debts the country is owing.

She also spoke on the approval of the appointment of seven transaction partners for the execution of Promissory Note Programme to settle inherited local debts and other contractual obligations by the FEC.

Ahmed added that it will cost the government N689.96million.

She gave a breakdown of the contract share of each of the partners as follows: KPMG Professional Services (N164.6m), Zenith Bank Plc and Zenith Capital (N14.2m), Coronation and Access Bank Plc (N14.2m), UBA and United Capital (financial advisers) (N14.2m), SimmonsCooper Partners (N53.7m), Damian Dodo and Partners (N53.7m), and Perchstone and Graeys (N53.7m).

Meanwhile, the FEC also approved the sum of N5.5billion for the training of 12,000 unemployed youth under the N-Power scheme.

Udoma Udoma, Minister of Budget and National Planning, revealed this while speaking to newsmen after the FEC meeting.

He stated that 60,000 youth would benefit from the scheme and it would cost the government N259,000 to train each beneficiary.

“Each of the 12,000 beneficiaries will train five others, making a total of  60,000. The idea is to make our youth entrepreneurs, employing others.” 

He also mentioned that upon completion of the training, each beneficiary would be given tools worth N207,000.


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