• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

Nigeria Senate in closed door Approves Buhari’s $23 Billion Loan Request

March 6, 2020 by Admin Leave a Comment

President Buhari

Nigeria’s Senate approved President Muhammadu Buhari’s plan to borrow $22.7 billion from external creditors to finance infrastructure projects.

Lawmakers gave their endorsement to the government during Thursday’s proceedings in the capital, Abuja, to seek the funding expected from the Islamic Development Bank, the African Development Bank, the World Bank and creditors in China, Japan and Germany. “The loans will have a positive influence on the GDP of this country,” Senate President Ahmed Lawan said.

The government will use the money to expand the railways, build a new hydro power dam and fund special intervention projects across the West African nation, according to a letter sent to the parliament in November.

While Nigeria’s outstanding loans amount to about about a quarter of its economic output, Africa’s largest oil producer spends more than half of its revenue servicing debts. The International Monetary Fund has warned that without major revenue reforms, the debts could rise to almost 36% of GDP by 2024, with interest payments taking as much as 75% of government revenue.

“Nigeria’s public debt stands at N26.2trn as Buhari govt moves to borrow N10.8trn”

Premium New stated : “About 70 per cent (that is, $17,065,496,773) of the new $22.7 billion loan bid will be coming from China’s EXIM Bank, Nigeria’s biggest bilateral lender in nearly two decades. Apart from China, the other lending agencies are the World Bank, $2,854,000,000; Afrivan Development Bank (ADB), $1,888,950,000; Islamic Development Bank (IDB), $110,000,000; Japan International Cooperation Agency (JlCA), $200,000,000; German Development Bank (KFW) – $200,000,000; China Exim Bank, $17.065.496.773; and the French Development Agency (AFD), $480,000,000. Already, since 2002, Nigeria had borrowed $6.5 billion from China to fund various infrastructural project.”

Credit: Anthony Osae-Brown Bloomberg

Filed Under: Articles Tagged With: Buhari, Nigeria, Senate

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

PhotoNews: Giannis opens luring Greek restaurant in Milwaukee, USA

September 21, 2023 By AFRIPOL

US court grants Atiku’s request and orders the release of Tinubu’s academic records

September 20, 2023 By AFRIPOL

RSS AllAfrica News: Latest

  • South Africa: Business Leaders Join Principals in Plan to Transform South Africa's Ailing Education System
    [Daily Maverick] The Execs Back to School programme goes beyond physical improvements and providing resources to schools, it seeks to instil a mindset of continuous improvement and growth within the education system.
  • Kenya: We Will Not Privatise the Port of Mombasa, President Ruto Affirms
    [Capital FM] Nairobi -- President William Ruto has affirmed that the government is not planning to privatise the Port of Mombasa amid claims from a section of opposition leaders.
  • Angola: Diamond Industry Expects Poor Results in 2023
    [ANGOP] Luanda -- Angola expects poor financial results in the diamond sector this year, because production is not being sold as it should be, the chairman of the Board of Directors of Endiama, José Ganga Júnior, said on Friday.
  • South Africa: Transnet CEO Portia Derby Resigns
    [allAfrica] Cape Town -- Transnet CEO Portia Derby who was appointed to the embattled state-owned entity three years ago, resigned on Friday, September 29, 2023.
  • Nigeria: Groups Urge Govt to Implement Its Women Empowerment Policy
    [Premium Times] The group urged the president to consider the implementation of the policy as a national strategy to "unlock the potential" of Nigerian women and ensure national growth and development.
  • Nigeria: Naira Appreciates At Forex Markets
    [Premium Times] The naira strengthened marginally against the dollar at the official market to close at N755.27/$1 on Friday

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Atiku And Tinubu Are Going Down And Dragging The Country With Them – Constance Ikokwu
  • Nigerian President’s CSU Diploma Is A Fake  by J. COYDEN PALMER
  • Listen to what Imo Governor Uzodinma is telling the youths !
  • Ireland Gymnastics issues official apology for Black gymnast racism over medal passing over
  • Chiney Ogwumike: Nigerian American WNBA player named to President Biden’s council on African diplomacy

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2023 · AFRIPOL