The National Assembly has approved the request of President Muhammadu Buhari, to borrow N2, 343, 387, 942, 848, to partly finance the 2021 federal budget size of N13 trillion.

This resolution of the Senate follows the approval of its Committee on Local and Foreign Loans as presented by the Chairman, Clifford Ordia.

The Committee recommended that the Senate approves Buhari’s request for the issuance of $3,000,000,000 but not more than $6,183,081,643.40 Eurobond in the International Capital Market, Punch reports.

The External Borrowing of N2,343,387,942,848, according to the panel, should be for the financing of part of the deficit authorised in the 2021 Appropriation Act.

The Committee also recommended that the Senate should approve that the amount authorised may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available.

It also recommended that the Senate directs the Minister of Finance, Budget and National Planning, the Director-General of the Debt Management Office and the Governor of the Central Bank of Nigeria to submit to the National Assembly within 10 working days (excluding the day of the close of trading) a letter containing the United State Dollars amount so raised and received as a result of the above approval together with the applicable exchange rate.

Under Buhari, Nigeria’s debt profile has continued to increase.

Nigeria’s debt public debt hit a total of N31.01 trillion at the end of June 2020, according to the Debt Management Office.

This means that between May 2015 and June 2020, five years under President Buhari, the country’s debt rose by N18.89 trillion.

As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12 trillion.

Nigeria’s total public debt stock as of September 2020, increased by over N6 trillion in just one year to N32.2 trillion. This is according to the Nigerian Domestic and Foreign Debt report, recently released by the National Bureau of Statistics (NBS).

Total external debts for the period ended September 2020 is $31.9 billion compared to $31.4 billion as of June 2020, according to nairametrics.

Total domestic debt rose to N20 trillion as of September 2020 compared to N19.6 trillion as of June 2020.

Nigeria now has an estimated combined total public debt (domestic and foreign) of N32.2 trillion.

This represents an additional N6.01 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019.
Nigeria expects to borrow more in 2021.

The breakdown shows that external debts accounted for 37.82% (N12.19 trillion) of the total debt stock, while domestic debts at N20.04 trillion represented 62.18% of the total.


Buhari don sell Nigeria, no go sleep.

https://saharareporters.com/2021/07/07/breaking-senate-approves-buhari%E2%80%99s-n23trillion-foreign-loan-request-push-public-debt-about

Jesu! #2.3 trillion!!!
When I said Fulani wants to steal everything finish before either a SOUTHERN president takes over or Nigeria divides in 2023,una think say na joke I dey.
They are aware this is their last chance forever!
Una never see anything.Dis one wey e be say Southern Governors don wake up small,Fulani go run everything dry,suck as much oil as they can before they japa.
They are fighting for #oneNigeria not for the wider future but till 2023 so that they can steal enough before anything happens in 2023.
That's why they are now sponsoring one small northern group to push the referendum agenda of Biafra.
By the time Buhari is done with this country...

The government is spending borrowed money on oil exploration in the 'North'.

Why do the government keep making explanation?!

I pity the person taking over from Buhari, I also pity my fellow Nigerians because we are paying the debt we neither own nor benefited indirectly without knowing it, worst senate of the century, also rubber stamping anything.

Rubber stamp Senate.

Every day they're borrowing and sharing the money. If not borrowing, they are begging US or UK for one fund or the other. Tueh! And those idle old fxxls in the Senate, babariga-wearing zombiez, will be approving anything the vegetable brings to them.

That's what happens when you vote in a terrorist-loving almajiri to b president. He has now surrounded himself with more almajiri.... borrowing and begging Nigeria away.

Funny country.. criminals in all levers of power

A

Abacha they learn na who them catch na be thief

Expect a weaker naira in the coming months

I wonder who would buy this bond to lend us money and at what rates when the local bond is at a loss.

budaatum:
With inflation at a 4 year high of 18.17%, can someone please advice how much I'd be paying the government to borrow my money, because I would rather not lend without knowing how much I would lose!

These abokis will finish this country oo

Haba
The next President is in serious trouble!

Let bubu sell this country and give me my share. Tired of this government who doesn't know anything than borrowing.

Having all but borrowed Nigeria into insolvency, we all have to be seriously watchful lest these dunderheads in power resort to trading our sovereignty for more loans to loot.

I pray Nigeria ever recovers from Buhari's maladministration.

Job well done rubber stamp Senate. 1000 likes from Nairaland forum.

Rubber stamp Senators, Nigeria has never had it this bad since inception