Buhari seeks Senate’s approval for fresh $4bn, €710m loans


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 loans.

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 the 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).