Nigeria’s debt hits N33.078trn following Buhari’s Loan approval

Chinenye Ogbonna March 6, 2020

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Nigeria’s debt profile has hit N33.078trn ($108.1bn) following the Senate’s approval of a $22.7 billion (N6.923trn) loan request by President Muhammadu Buhari.
The approval pushed up the nation’s total debt from $85.4bn (N26.047trn) accumulated as at the end of September 2019.

The loan was approved following the adoption of the recommendations of the report of the Senate Local and Foreign Loans Committee, presented by its Chairman, Senator Clifford Ordia.

The committee also recommended that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly prior to the execution of same for concurrence and proper documentation.