Buhari overlooks N33tr debt burden, seeks fresh N2tr loans | The Guardian Nigeria News


Muhammadu Buhari

• PDP, economists kick as party urges NASS to probe alleged looting of loans
• About 85% of matured loans are refinanced, economist suggests
• ‘You can’t take more when 80% of revenue goes into debt’
• Lagos to borrow N25b as Sanwo-Olu signs green bond market agreement 

Amid concerns over debt overhang, President Muhammadu Buhari has requested the Senate to consider and approve an external borrowing plan amounting to about N2.5 trillion to fund projects captured under the 2018-2021 borrowing projections. If approved, the country’s documented national debts will balloon to over N35 trillion. 
The Senate President, Ahmad Lawan, read the letter dated August 24, 2021, during plenary in Abuja, yesterday.

Buhari, in the letter, explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan were to be financed through sovereign loans from the World Bank, French Development Agency (AFD), Export-Import Bank of China, International…

Source: Guardian Newspaper