NewStats: 3,264,362 , 8,183,460 topics. Date: Tuesday, 10 June 2025 at 06:07 PM k6h27

The Federal Government itted on Tuesday that the country’s economy is in crisis, with a debt service bill of ₦4.2 trillion in 2021.

In his goodwill message at the 40th Anniversary of Chartered Institute of Taxation (CITN), in Abuja, Senate President Ahmed Lawan alluded that the debt service rose from ₦2.5 trillion in 2019 to ₦4.2 trillion in 2021 while the contribution of the major revenue- generating agencies to consolidated revenue in 2020 was ₦8.something trillion.

‘Last year it got to ₦11. 93 trillion. And today, we have almost half a trillion deficit of expenditure in of infrastructure delivery. Invariably, the economic problem in this country cannot happen without the active operation and collaboration of especially elitist groups like CITN and other professional bodies,’ he stated.

Lawan, who was represented by his special adviser on Economic Matters, Prof Nazif Abdullahi Darma, explained that Nigeria’s economy is a growing one with a population of over 200 million and three per cent growth rate. This implies that every year, 6 million people are added to the country.

‘Our economy is a growing one. We have over 200 million citizens. We have a growth rate of over three per cent. Meaning, every year, 6 million citizens are added.

‘On a daily basis, 26,000 babies are born. These demographic indicators are real challenges of providing quality social service welfare for its citizens,’ he stated.

The people’s participation in governance, he added, is predicated on their ability to pay tax.

‘In most democracies in the world today, people’s participation in governance is predicted on the ability of those citizens to pay taxes as and when due. And that is where we saw a lot of fundamental questions raised on the way and manner the economies are being managed because taxpayers are actually the contributors of the resources that are used in running such economies,’ he noted.

https://www.sunnewsonline.com/4-2-trillion-debt-service-economy-is-in-real-crisis-fg-its/

wow FG its!!

The country haff finish patapatta bii that

God send down a helper

Nope! Nigeria is good to go as the debt to debt servicing ratio is still tolerable. After all;

- "Nigeria must continue to borrow as we have not borrow enough" - Finance Minister/ Ahmed Lawan.

- "China is not more giving us loans.We are now turning to Europe." - Rotimi Amaechi

Bunch of looters in government.

Okay. When the Senate President has hundreds of PAs including Professors who are supposed to be in their Universities teaching undergraduates. You pay them millions in salaries and allowances. Not to mention the lootings. Such excesses are the reason why Nigeria keep servicing debts with trillions of dollars.
This Democracy is too Expensive. We need a lean Government that is not frivolous

One chance, mumu government, does ittance settle the bills? I have never seen a clueless government as this one. Bunch of shameless fools.
As if they don't know already, is it today the economy just entered crisis?

Buhari will handle insecurity


Osibanjo will handle economy





Insecurity and Economy :

Na now day break for una eyes!!!

Yet the Dullard keeps borrowing. Sheybi finance minister said we still have the capacity to borrow. Make una continue. Thank God I go soon Japa comot here. My kids can't be paying for a debt they know nothing about.

On how APC Zombies keeps ing this mannequin daddy to continue borrowing remains a mystery beyond the seven wonders of the world. I pity who go be the next president of the zoo, him go hear am! Anyway na A looter continua shaa!

It must have been very bad really

So Ahmed Lawan is trying to tell us he didn't know the economy will be messed up when he was busy approving loans.

Op why the picture of Osibanjo instead of the rubber stamp senate president that specialises in approving loans,

Trillion Dollars? You actually mean Naira.

Poor Journalism... Shows writer doesn't understand the value of currencies.

OP, can you please make a correction to the currency? It can NEVER be in Dollars na...

Even U.S, the world biggest economy doesn't owe that much in Dollars.

Stay away from Fiat guys, It's better to put your money in a stable crypto coin.

Where are those that lauded the incessant borrowings of this clueless government

The worst aspect is that you and I cannot point to anything sustainable that those trillions were used for! A government that looted the treasury and wasn't satisfied to the extent that it had to borrow to loot more.

Abacha is a boy compared to this Buhari's government in of looting.

Next year election, some people are already clamouring to vote in another person that wears the same cloak as Buhari when it comes to borrowing. The worst is that Buhari and co are old men that might not live far enough to see the deplorable state they have sunk this country into.

Our country goes no where with this debt.
NOI should be consulted again for the way forward

As long as we remain dependent on one source of income, we will always be in debt.

It follows that oil prices have never been as high as we want them for ages, and as a result we have to take loans to survive, which is why we are in debt.

Keep in mind that being an oil dependent nation does not mean we are rich, unless our population is low enough.

Nigeria must diversify away from oil if we must survive and reduce our debt.

Modified

Nigeria’s tax to GDP ratio is one of the lowest in the world. It is at about 8 per cent while our comparators are in the neighborhood of about 15 per cent to 25 per cent. Even in Africa we can surely do better. This is symptomatic of undue reliance on oil revenue as a result of fiscal imbalances in our nation’s financial landscape.

In his remarks, Vice President Yemi Osinbajo had lamented that the Nigeria’s tax to GDP ratio is the lowest in the world while its comparators are in the neighborhood of about 15 per cent to 25 per cent.

This, he noted, was symptomatic of undue reliance on oil revenue as a result of fiscal imbalances in the nation’s financial landscape.

Osinbajo, who spoke through the Minister of Finance Budget and National Planning, Mrs Zainab Shamsuna Ahmed, who in turn was represented by the Permanent Secretary, Ministry of Finance Budget and National Planning, Mallam Ahmed Aliyu, stated that tax collection has improved to the extent that FIRS exceeded its target for Year 2021 with N6.450 trillion from both oil and non-oil revenues.

Osinbajo spoke through the minister of finance and the minister of finance spoke through the permanent secretary.
So who spoke at the event?

A. Osinbajo the Vice President
B. Zainab the finance minister
C. Aliyu the perm sec.

Next time, the permanent secretary should also try to speak through Magaji his personal assistant who will in turn speak through Rukayattu his personal secretary to be able represented by Hameedat the front desk officer.

: Lot more of this corruption called loan will be revealed after the exit of this government o

Growing without a plan or a capable leader. Owing so much money the future will have problems paying back. Only time will tell!

Them don Surrender

Is it trillion naira or dollArs?

This is serious.

Las las zombies must have sense..una never see something... Nobody should tell me about one useless infrastructure oh cos d road from Abuja to my state is very bad

Bring Peter Obi on-board now!. Stop tribalism before e go worse.

Hope all these trillion dollars dey correcting cos I am confused

I hate to say this but most of this hausa Fulani politicians are not smart enough to run a country

MANDIPUTIN:


https://www.sunnewsonline.com/4-2-trillion-debt-service-economy-is-in-real-crisis-fg-its/

They are on their way to beg Europe for more loans ��‍�

Definitely can't be trillion US dollars.

Good morning FG, na now una wan wake up?

OMG!!!
Buhari and his bunch of incompetent fools have finally destroyed this country and I really pity our next president because he will inherit a whole lot of MESS!!!!

4.2 trillion dollar Abi 4.2 trillion Naira?

Is the entire Nigerian economy worth up to $4.2 trillion?

Op! 4.2 trillion naira please.