Despite Nigeria’s rising debts and dismal economy, the Senate has approved $1.5 billion and €995 million external loan requests by President Muhammadu Buhari.

The senators approved the loans on Wednesday.

In May 2020, Mr Buhari had sent a letter to the Senate seeking its approval for another batch of external loans to enable his regime to finance the 2020 budget deficit, critical projects, and support some of the state governments.

Mr Buhari explained that he would use the loans used to execute priority projects and support state governments in stimulating their economy adversely hit by the COVID-19 pandemic.


“The loan is in the immediate best interest of the Nigerian state and its citizens in dealing with the COVID-19 pandemic in a way that the economy will be positioned for quick recovery and resume growth.

The country’s debt status has continued to rise following the president’s decision to keep servicing the country’s ballooning budget with loans from foreign countries.

In December 2020, the country’s debt status rose to N92.915 from N100.222 trillion in September.

https://www.gazettengr.com/rising-debts-senate-approves-buharis-1-5-billion-e995-million-loan-requests/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

APC has finished this country

Nigeria is in serious trouble!
may God help us

If it's to fight bandits and terrorist they will call for our prayers but to borrow money now they don't need prayers.

APC had lied too much for too long. Time to tell them, "enough is enough". They make fools of well meaning Nigerians. I won't take it any longer. More money has been made available to Buhari through loans, aids and the devaluation of the Naira than GEJ ever had.

Chai!!!! Buhari abeg dey enjoy o. After all no be you vote yourself. Continue to dey take loan abeg after every 2 months. Na people wey stand for queue vote you I dey blame. Nonsense.