Nigeria’s debt profile to hit N36.3trn as President Buhari seeks fresh N2.3trn loan

President Muhammadu Buhari has sought the approval of the National Assembly for a new external borrowing plan of N2.343 trillion (about $6.183 billion) as contained in the 2021 budget.

Thank you for reading this post, don't forget to subscribe!

This new borrowing will raise Nigeria debt stock to about N33 N36.3 trillion.

The president also urged the National Assembly to approve a list of all donor-funded projects under the 2018-2020 Federal Government External Borrowing (Rolling) Plan.

The president’s request was conveyed in two separate letters addressed to the Speaker of the House of Representatives, Femi Gbajabiamila, which was read on the floor of the House by the deputy Speaker, Ahmed Idris Wase.

The Senate had recently approved foreign loans of $1.5 billion (about N571.5billion) and €995 million (about N528.4billion) which amount to N1.1trillion for the federal government.

The Debt Management Office (DMO) had in the previous month put Nigeria’s Public debt at N32.915trillion as of December 31, 2020.

This is made up of the debt stock of the federal and state governments as well as the Federal Capital Territory (FCT).

LEAVE A REPLY

Please enter your comment!
Please enter your name here