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

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FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Paraman: 9:35pm On Jul 03
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.”

https://punchng.com/fg-paid-700m-in-debt-services-edun-tells-senate/?utm_source=telegram&utm_medium=social

3 Likes

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

5 Likes 1 Share

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

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

62 Likes

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by blesboi(m): 7:17am
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Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by 89green: 7:17am
grin Good, lets make sure we dont go about borrowing more money abeg

2 Likes

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Lanre4uonly(m): 7:18am
Ok, noted.

1 Like

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by FireUpNow(m): 7:20am
Continue
Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by CooldipoMPS: 7:23am
See


money
Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by dalongjnr: 7:24am
Y
Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by oyeb15: 7:24am
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
$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
grin
Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by XXXsearch: 7:33am
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 Ttadaa: 7:34am
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Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by commoditiesnig: 7:42am
Very good.

1 Like

Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by Ojuntana: 8:06am
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
[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 GraceDelki: 8:49am
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.

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Re: FG Paid $700 Million On Debt Servicing, Edun Tells Senate by TrackerSK: 9:01am
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
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
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
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
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
Tinubu is a curse and a plague to Nigerians

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