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).
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Abuja
Landlord in court for allegedly removing tenant’s apartment doors, windows
The defendant pleaded not guilty to the charge.
States
Ekiti man arraigned over alleged theft of sports kits worth N80,000
The prosecutor said the offences contravened Sections 302 and 181(1)(d) of the Criminal Law of Ekiti State, 2021.
Heading 3
South Africa heads for court to stop Mandela’s daughter from auctioning late president’s belongings
The complainants argued that 29 objects form part of South Africa’s national heritage.
States
Man drags ex-fiancée to court over alleged unreturned wedding gifts
The defendant’s counsel, Sani Sanusi, denied the allegation.
Heading 4
Netizens call for probe as body of missing UK student on excursion found in Portugal river
Mr Amaral’s sister, Jennifer, mourned him on social media with an emotional tribute, saying she would never stop loving him.
Heading 1
Ireland tightens citizenship rules for Nigerians, others, proposes eight years’ residence, language test, civics exam
The bill seeks to ban applicants from receiving social welfare payments or housing supports at any time during the naturalisation process.
