President Muhammadu Buhari, on Tuesday, urged the Senate to approve a fresh outside loan of N2,343,387,942,848.00, roughly $6.183 billion. The President attempts a new loan to the Federal Government to fund the 2021 budget shortage. MediaSenate President Ahmad Lawan read Buhari’s letter of the petition on the ground of the Senate in plenary on Tuesday.
Beneath Buhari, Nigeria’s debt profile has continued to grow. Nigeria’s debt hit on a total of N31.01 trillion at the end of June 2020, according to the Debt Management Office. This implies that between May 2015 and June 2020, five years under President Buhari, the nation’s debt climbed by N18.89 billion. At the end of June 2015, 1 month after the current regime came to power, the nation’s debt profile dropped to N12.12 trillion.
Nigeria’s total public debt stock in September 2020, climbed by more than N6 trillion in only 1 year to N32.2 billion. This is based on the Nigerian National and Australian Currency Exchange File, recently published by the National Bureau of Statistics (NBS). Total domestic debt climbed to N20 trillion as of September 2020 in comparison to N19.6 trillion as of June 2020. Nigeria currently has an estimated combined total public debt (domestic and overseas ) of N32.2 trillion. This represents an extra N6.01 trillion compared to N26.21 trillion listed at the corresponding interval of 2019. Nigeria hopes to invest in 2021. The breakdown indicates that external loans accounted for 37.82percent (N12.19 trillion) of their entire debt stock, while national loans at N20.04 trillion represented 62.18percent of their total.