Nigeria expects to spend a record 12.65 trillion naira ($33.20 billion) in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday.
The spending by Africa’s largest economy, still reeling from low oil prices and the new coronavirus pandemic, is a 17.2% jump from the record 10.8 trillion naira budgeted this year.
The projected debt servicing payments would consume 3.1 trillion naira of the spending, or just under 25%. Additionally, revenues in the year are expected to reach 7.5 trillion naira in 2021, implying a higher deficit. The document also said spending would focus on completing as many ongoing projects as possible, and that no new works would be allowed unless there were adequare resources to complete ongoing projects. ($1 = 381.0000 naira) (Reporting By Felix Onuah and Chijioke Ohuocha; writing by Libby George; Editing by Sandra Maler and Chizu Nomiyama)
FG vows to retaliate as Ghana targets Nigerian traders Nigeria is to take “urgent steps” following a viral video showing the forced closure of shops belonging to Nigerian traders in Ghana.
Foreign Affairs Minister Geoffrey Onyeama made the announcement in a tweet, as he expressed his government’s “dismay”:
It comes just months after a major diplomatic row in which a building in the Nigerian embassy compound in Ghana was demolished.
The video in question shows a Nigerian man speaking to security agents locking up his shop in Ghana. The man claimed in the video that he was asked to pay $1m (£750,000) as tax.
Authorities in Ghana dispute this, saying foreigners are only allowed to open a business in Ghana if they invest $1m.
A pressure group, the Human Rights Writers Association, has called on the Nigeria government to retaliate against Ghanaian businesses in Nigeria.
Some Nigerians are questioning the rationale behind Ghana’s imposition of conditions, considering agreements on free trade and movement reached by the regional body, the Economic Community of West African States (Ecowas).
Picture: President Muhammadu Buhari
