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Buhari overlooks N33tr debt burden, seeks fresh N2tr loans

Buhari seeks another Loan, Overlooks previous debt

The President of Nigeria, President Muhammadu Buhari has asked the Senate to consider an external borrowing plan which amounts to about N2.5 trillion to fund projects captured under the 2018-2021 borrowing plan.The President’s request was read in a letter dated August 24, 2021, by the Senate President, Ahmad Lawan,  during a plenary yesterday in Abuja. Information Guide Nigeria

TheGuardian reveals that the President has requested a loan of 2.5 trillion, overlooking the initial debt of 33 trillion, and if the current request is approved, the national debt will amount to N35 trillion. Jamb Result

President Buhari in the letter explains that the money which is broken in parts into $4.05 billion, €710 million, and a grant component of $125 million will be used to fund federal and state projects in key sectors like agriculture, energy, education, health, human capital development and also fund the COVID-19 response initiative.

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Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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