Wednesday, December 1, 2021

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Just In: Senate approves Buhari’s $1.5bn, €995m loan demands

The Nigerian Senate has approved fresh external loans of $1.5bn and €995m for the federal government.

The upper legislative chamber approved the loans after considering the report of its committee on local and foreign debts during Wednesday’s plenary session.

This is as the Debt Management Office said Nigeria’s debt public debt hit a total of N31.01 trillion at the end of June, 2020.

This means the country’s debt had risen by N18.89 trillion in five years under the President Muhammadu Buhari.

Critics and the opposition Peoples Democratic Party have raised alarm over the country’s rising debt profile under the current administration, particularly as the United States warn of massive looting by government officials.

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