[FILES] Lawan. Photo: TWITTER/DRAHMADLWAN/TOPEBROWN
• ‘No compelling reason to take more loans’
• Focus on creating enabling environment, economists urge
Despite public concerns about Nigeria’s rising debts, the Senate yesterday approved fresh external loans of $1.5 billion and €995 million for the Federal Government.
The loans were approved by the lawmakers after considering and adopting the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia (Edo Central). This is in spite of inflation being at 18.17%, a record high in four years.
The loans were part of the external borrowings President Muhammadu Buhari had requested in May 2020, for the Red Chamber to approve for financing various priority projects of the Federal Government and to support the state governments facing fiscal challenges.
The loan approval came as experts continue to express worry over the country’s rising debt profile, which is said to have made the…
Source: Guardian Newspaper
