Senate approves Buharis fresh $8.325b, €490m external loans request.
The Senate, yesterday, approved President Muhammadu Buhari’s request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 (Euros) under the 2018-2020 External Borrowing (Rolling) Plan. The approval followed the consideration of a report on the 2018-2020 External Borrowing (Rolling) Plan by the Committee on Local and Foreign Debt.
Nigeria’s debt profile has continued to rise as the government continues to seek borrowings to meet annual budget deficits. According to the Debt Management Office (DMO), Nigeria’s total public debt stock stood at N32.92 trillion ($86.39 billion) in 2020, compared to N27.40 trillion ($84.05 billion) in 2019, representing an increase of 20.12 per cent in Naira terms.
This has, however, moved to N33.107 trillion as of March 31, 2021, and excludes the Senate’s previous approval of the Federal Government’s borrowing of $2.18 billion in May, $6.1 billion last week, and another $8.3 billion-plus €490 million yesterday.
Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the Committee noted with utmost importance, the genuine and very serious concerns of Nigerians about the level and sustainability/serviceability of the country’s borrowings in the last decade.