28.1 C
Abuja

Senate approves Buhari’s $8.4bn, €490m external borrowing plan

Related

1min read

THE Nigerian Senate has approved the Federal Government’s 2018-2020 external borrowing rolling plan of $8.3 billion and €490 million.

The approval was given on the floor of the Red Chamber during Thursday’s plenary

President Muhammadu Buhari had written to the National Assembly in May seeking the approval of the plan.


READ ALSO:

Inflation rate drops further to 17.75% in June, but Nigerians can’t buy food

Attention turns to Reps after APC senators’ conspiracy against electronic results transfer

Kukah to US: Nigeria’s insecurity is compounded by Buhari’s nepotism, indecisiveness


- Advertisement -

According to the president, the loan would be sourced from multilateral and bilateral institutions and the issuance of Eurobonds in the international capital market.

Donor funded projects under the plan, according to the president, would be financed through sovereign loans from the World Bank, African Development Bank (AfDB), Islamic Development Bank, French Development Agency, and the China EXIM Bank.

Others included: the China Development Bank, European Investment Bank, European ECA, KfW, IPEX, AFC, India EXIM Bank and the International Fund for Agricultural Development (IFAD).

The president noted further that the projects and programmes in the borrowing plan were selected based on the technical and economic evaluation that would promote employment generation, social protection and poverty reduction.

Also, the listed projects were geared towards the realisation of Nigeria’s Economic Sustainability Plan cutting across key sectors such as infrastructure, health, agriculture and food security, energy, education, human capital development and the COVID-19 response initiatives.

According to the Debt Management Office (DMO), Nigeria’s total public debt as at March 31, 2021, was N33.107 trillion.

The DMO said the total public debt stock comprised the debt stock of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT).

- Advertisement -

The debt stock also included promissory notes in the sum of N940.220 billion issued to settle the inherited arrears of the Federal Government to state governments, oil marketing companies, exporters and local contractors.

The report said that compared to the total public debt stock of N32.916 trillion as at December 31, 2020, a marginal increase of 0.58 per cent was recorded in the debt stock.

Vincent Ufuoma is a reporter with The ICIR. He is a lover of God, truth, knowledge and justice.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Recent

Nigerians criticise CBN’s reliance on Dangote refinery to fix naira’s free fall

SCORES of Nigerians have criticised the Central Bank of Nigeria (CBN)'s reliance on Dangote's...

NSCDC warns dismissed workers to stop parading as staff

THE leadership of the Nigeria Security and Civil Defence Corps (NSCDC) has warned its...

Presidency keeps mum over allegation of N20.5m payment to terrorists

THE presidency is keeping sealed lips on a report by the Wall Street Journal...

Four officers in Police custody for assaulting, extorting N25,000 from Kogi passengers

THE Police in Kogi say four officers seen in a viral video are now...

Amid global web censorship, free internet app offers lifeline

WITH internet and press freedom globally shrinking, Stanislav Shalunov, developer of a mobile app...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement