Buhari Seeks Fresh N2.3Trillion Loan Amid Nigeria’s Staggering Debt

President Muhammadu Buhari has again implored the Senate to approve a N2.3 trillion loan to finance the 2021 budget deficit of N5.6 trillion.

The request was read by Senate President Ahmad Lawan on the floor of the Senate at plenary on Tuesday.

According to Buhari, the proposed loan would enable the Federal Government to fund critical infrastructural projects in transportation, health and education, among others.

Nigeria’s debt profile has continued to rise yearly. According to Debt Management Office, Nigeria’s public debt hit a total of N31.01 trillion at the end of June 2020. This new loan would multiply it by N2.3 trillion.

According to Sahara Reporters, between May 2015 and June 2020, five years under President Buhari leadership, the country’s debt rose by N18.89 trillion.

The Nigerian Domestic and Foreign Debt report, recently released by the National Bureau of Statistics (NBS) also showed that Nigeria’s total public debt stock from September 2020 rose to N32.2 trillion, marking an increase of N6 trillion from the previous year.

Total domestic debt rose to N20 trillion as of September 2020 compared to N19.6 trillion as of June 2020.

Nigeria now has an estimated combined total public debt (domestic and foreign) of N32.2 trillion.

Source: Sahara Reporters