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Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans - Politics - Nairaland

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Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Officialhorlah(m): 5:27am On Apr 30, 2021
The total debt stock for Nigeria could rise from N33 trillion to N34tr soon as the National Assembly approves another N1.1tr external loan request for the federal government.

The House of Representatives yesterday approved the external loan of $1.5 billion (about N571.5bn) and €995 million (about N528.4bn) for the federal government while the Senate had approved the request last week.

The Debt Management Office (DMO) had in March 2021 placed Nigeria’s Public debt at N32.915tr as of December 31, 2020. This included the debt stock of the federal and state governments as well as the Federal Capital Territory (FCT).

“Total Public Debt to Gross Domestic Product as at December 31, 2020 was 21.61 percent, which is within Nigeria’s new limit of 40 percent.”

According to the recommendations made in a report submitted to the House by the House Committee on Aids, Loans and Debt Management presented to the House during plenary on Thursday, the loans are to be sourced from the World Bank and Export-Import Bank of Brazil which will be used for various purposes as a result of the COVID-19 pandemic effects.

Presenting the report, Ahmed Safana Dayyabu stated that, the loans are to be used in financing priority projects of the federal government.

“The Committee notes that while Nigeria’s Total Public Debt Stock is on the increase, it is still relatively low Vis-a-Vis the country’s GDP and the increased borrowing requirements is needed to sustain the economic recovery,” he added.

Commenting, a former President of the Abuja Chamber of Commerce and Industry, Tony Ejinkeonye, called on the federal government to judiciously utilise the fresh external loans approved on Thursday by the House of Representatives.

Ejinkeonye, who is currently the Business Development Director Africa, esilkroad Network, told Daily Trust that already the nation’s debt burden is high.

He called for alternative means of generating revenues instead of the constant borrowing.

“We have to develop our industries. We need to develop critical infrastructure that will bring revenues to the country,” he advised, including expanding tax net.

https://dailytrust.com/nigerias-debt-stock-to-hit-n34tr-with-new-loans

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by 1bunne4lif(m): 5:30am On Apr 30, 2021
Buhari i dey hail o! Oshe! finally we're done for.

39 Likes 1 Share

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by iampeterben(m): 5:31am On Apr 30, 2021
They have borrowed our future, but never to worry when the messiah comes all this debt will be in the past. All the people that borrowed this money will come forward and account for every penny borrowed. The shocking news here is all this money borrowed is just cooling in one man's account waiting for the regime to end then they start sharing it bit by bit.

7 Likes 1 Share

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by mike8804: 5:32am On Apr 30, 2021
isn't a bad thing to borrow, but this amount should have made great positive impact on the citizens

5 Likes

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by flexlatifa: 5:40am On Apr 30, 2021
They want borrow money � way they no go fit pay
That is why we call them the #ZOO

11 Likes

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by popez: 6:16am On Apr 30, 2021
With absolutely nothing to show for it.

No weapon to fight insurgents, inflation is in double digits, unemployment rate is scary.


But never mind. Remember;

“Think Osibande, vote Buhari”

“Buhari will handle security, Osibande will handle the economy”

Now na only bandits dey enjoy the economy.

Clowns!!

34 Likes 3 Shares

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Skillsnigeria: 6:18am On Apr 30, 2021
hmmm
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Sammy07: 6:18am On Apr 30, 2021
We don't have money in Nigeria at all.
Very poor country undecided

5 Likes

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Pmpm: 6:21am On Apr 30, 2021
New loans



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Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by AmgrayLogistics: 6:23am On Apr 30, 2021
This is getting serious


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Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Protopdesigns: 6:23am On Apr 30, 2021
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Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by knowhowk: 6:23am On Apr 30, 2021
I Doff my Hat for our Darling Daddy...
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by nairalee(m): 6:24am On Apr 30, 2021
They said whether he went to school or not is not a problem. They said even if it's only primary school or nepa bill he has, his body language is strong enough to give dry bones flesh.

Now you can see. Someone whose idea to solve any problem is to borrow without even considering the terms of the loans.

If you think education isn't important, elect ignorance

27 Likes 4 Shares

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by signature2012(m): 6:24am On Apr 30, 2021
No more Sai Baba again.
Una eyes don clear..
You campaigned and voted for a visionless man who is not worth being a security in an elementary school.

4 Likes 1 Share

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by money121(m): 6:25am On Apr 30, 2021
Ok
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by BruncleZuma: 6:25am On Apr 30, 2021
China already don dey come snap picture for our wedding wen we no invite them, I won't be surprised when a Chinese Base get built in Nigeria just like Sri Lanka, Djibouti and Pakistan.

2 Likes 1 Share

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Womanizer(m): 6:25am On Apr 30, 2021
This type of news just dampens your spirit sad
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by aaa14bd1083: 6:26am On Apr 30, 2021
waillers are cominggrin
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by helinues: 6:26am On Apr 30, 2021
shocked shocked
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Afromentalist: 6:26am On Apr 30, 2021
Nobody can convince me that Buhari is not some sort of karmic punishment for nigeria.

Sai baba

1 Like

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Kobicove(m): 6:26am On Apr 30, 2021
Buhari had sold Nigeria into slavery sad
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by ChiefAfonja: 6:26am On Apr 30, 2021
how far grin grin

You no longer write our darling daddy grin

12 Likes 3 Shares

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Pele10: 6:26am On Apr 30, 2021
Thiefs thats all they do, since 2015 he has been borrowing, not once has he cleard any of the outstanding debts. They has succeded in taking us 15yrs backward,i weep for the future. I seek no one's to boldly say buhari's led adminstration is a BIG faliure.
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by tunwumi: 6:27am On Apr 30, 2021
Great
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Lordbinsmar: 6:27am On Apr 30, 2021
Officialhorlah:


https://dailytrust.com/nigerias-debt-stock-to-hit-n34tr-with-new-loans

This is just the beginning grin grin grin
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by liajosh(m): 6:27am On Apr 30, 2021
They don't need US to help them borrow money.
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Lordave: 6:28am On Apr 30, 2021
Just for constructing a railway from Kano to Niger Republic.

God punish APC and their supporters on Nairaland.

13 Likes 1 Share

Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by Sunnybay7: 6:28am On Apr 30, 2021
What are they using the loans for, last time Dangote was stilling doing roads for them.
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by MEGA4BILLION(m): 6:28am On Apr 30, 2021
The cabal A.K.A the presidency should sale everything that is remaining of Nigeria at once so that we can all be in peace
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by tunwumi: 6:29am On Apr 30, 2021
Officialhorlah:


https://dailytrust.com/nigerias-debt-stock-to-hit-n34tr-with-new-loans

Who are the idiots that kept borrowing us this trash when they know that paying back is unlikely?
Re: Nigeria’s Debt Stock To Hit ₦34 Trillion With New Loans by blowjob: 6:29am On Apr 30, 2021
LAZY POLITICIANS undecided



TO THINK HOW TO MAKE MONEY undecided ZERO



BUT TO STEAL ALL undecided





USELESS LEADERS undecided

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