The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.
In a letter read by the Senate president, Ahmad Lawan, President Buhari explained that the loan sought is to finance critical projects in the 2021 budget.
Nigeria's total public debt
Amid the heated reactions generated by the president's move, Legit.ng takes a look at Nigeria's current debt profile and the places where the loans were obtained from.
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According to the Debt Management Office (DMO), the federal government agency established to centrally coordinate the management debt, Nigeria's public debt portfolio as at March 31, 2021, is N33.107 trillion ($87.239 billion).
Where the loans are borrowed from
A document by the DMO also highlighted where the loans were borrowed from:
- International Monetary Fund
- World Bank Group
- African Development Bank Group
- China (Exim Bank of China)
- France (Agence Francaise Development)
- Japan (Japan International Cooperation Agency)
- India (Exim Bank of India)
- Germany (Kreditanstalt Fur Wiederaufbua)
- Diaspora Bond
What I told Buhari about borrowings - Lawan
In other news, Ahmad Lawan, president of the Senate, has advised President Buhari to reduce the external borrowings being incurred to fund the country’s annual budgets.
The principal lawmaker advised the president to, instead, focus on blocking financial leakages and avoiding wastage in all tiers of government.
Legit.ng gathers that Lawan said this on Monday, August 23, in Abuja, after a closed-door meeting with President Buhari at the State House.
Buhari borrows over N10 billion daily in the last six years
Meanwhile, each Nigerian is a debtor, owing over N160,000 due to the amount of loan borrowed by President Buhari since he came into power after the presidential election in 2015.
President Buhari has borrowed N21 trillion since July 2015, increasing Nigeria's debt to N33.1 trillion as of March 2021, according to data from the Debt Management Office (DMO).
A breakdown of the debt linked to President Buhari's administration showed that on a daily basis, the country secures over N10 billion within the last six years.