Home > Breaking news > JUST IN: Buhari Demands Another $4 billion Loan From National Assembly

JUST IN: Buhari Demands Another $4 billion Loan From National Assembly

Nigeria’s debt profile is set to shoot up further as President Muhammadu Buhari has again, requested from the National Assembly, the approval of another $4 billion loan.

The request was contained in a letter read by Senate President Ahmad Lawan on the Senate floor Tuesday.

Meanwhile, last May, Mr Buhari requested a loan to finance the N5.6 trillion 2021 budget deficit, as it looks to execute crucial infrastructural projects bordering on transportation, health, education, etc.

The Senate had also in April approved $1.5 billion and €995 million external borrowings which were part of the $5.5 billion and €995 million external borrowings sought for by the president in May last year.

The president has explained that the funds were to be used to finance some government projects and assist some states financially.

According to Nigerian Domestic and Foreign Debt Report, published this year by the National Bureau of Statistics (NBS), the country’s total public debt as of September 2020, is N32.2 trillion ($84.57 billion).

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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