Nigeria’s President Muhammadu Buhari have requested the approval for another set of loans, according to sources.
This time, President Buhari is seeking approval from the National Assembly to borrow $4,054,476,863 and €710 million respectively.
The President’s request is contained inside a letter to the Senate, where he explained that the loan is part of the 2018-2020 borrowing plan.
President Buhari also asked the lawmakers to approve grant components of $125 million.
“The distinguished senate president can recall that I submitted one request on 2018-2020 borrowing plan for the approval of the senate in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects the FEC approved as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.
“The projects listed for the external borrowing plan will get their financing through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million,” Senate President Ahmad Lawan read from the letter.
Nigeria Debt profile and Places Nigerian Government Have Borrowed Money From.
According to the Debt Management Office Nigeria Public Debt Stock as at March 31, 2021 stood at N33.107 trillion.
This was before the Senate approved the Federal government 2018-2020 external borrowing rolling plan of $8.3 billion and 490 million euros for July, 2021.
Some of the organizations the Nigerian government have borrowed money from are:
- International Monetary Fund [IMF]
- World Bank group
- African Development Bank [AfDB]
- France and others that are contained in the document.
The office for information have published on their official website that “The Total Public Debt Stock that comprise the Debt Stock of the Federal Government of Nigeria (FGN), thirty-six (36) State Governments and the Federal Capital Territory (FCT) stood at USD87.239 billion.
The Debt Stock also includes Promissory Notes in the sum of N940.220 billion that the office issued to settle the inherited arrears of the FGN to State Governments, Oil Marketing Companies, Exporters and Local Contractors.”