Nigeria’s President, Bola Ahmed Tinubuhas approached the Senate approval to borrow $8,699,168,559 and €100 million to execute critical projects across the country.
The figures put together amount to N7, 097,738,729,598.
Tinubu’s request was contained in a letter read at the commencement of plenary on Tuesday by Senate President Godswill Akpabio.
Findings show that the fresh loan request will add over N7 trillion to the national debt, which stood at N87.38 trillion as of June 2023, according to the Debt Management Office (DMO).
The $8,699,168,559 at the prevailing exchange rate is equal to N7, 009,268,074,728.66; while €100m equals N88, 470,654,870.00.
When added to the existing total public debt of N87.37trn, the debt profile will rise to over N94 trillion.
Tinubu, in the letter, explained that the request was part of the federal government 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration.
The $8,699,168,559 at the prevailing exchange rate is equal to N7, 009,268,074,728.66; while €100m equals N88, 470,654,870.00.
When added to the existing total public debt of N87.37trn, the debt profile will rise to over N94 trillion.
Tinubu, in the letter, explained that the request was part of the federal government 2022-2024 external borrowing plan approved by former President Muhammadu Buhari’s administration.