List: Nigeria's Total Debt Profile and Where the Loans are Borrowed from

List: Nigeria's Total Debt Profile and Where the Loans are Borrowed from

On Tuesday, September 14, President Muhammadu Buhari tabled a fresh request for the approval of another set of loans before the Senate.

The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.

Nigeria's Total Debt Profile as President Buhari Makes Plan to Borrow More
President Buhari has tabled a fresh request for the approval of another set of loans before the Senate. Photo credit: Femi Adesina
Source: Facebook

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).

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Breakdown of Nigeria's Total Debt
According to the Debt Management Office (DMO), Nigeria's public debt portfolio as at March 31, 2021, is N33.107 trillion. Source: www.dmo.gov.ng
Source: UGC

Where the loans are borrowed from

A document by the DMO also highlighted where the loans were borrowed from:

Multilateral

  1. International Monetary Fund
  2. World Bank Group
  3. African Development Bank Group

Bilateral

  1. China (Exim Bank of China)
  2. France (Agence Francaise Development)
  3. Japan (Japan International Cooperation Agency)
  4. India (Exim Bank of India)
  5. Germany (Kreditanstalt Fur Wiederaufbua)

Commercial

  1. Eurobonds
  2. 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

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Senator Adeola blames Nigeria’s debt burden on past administrations

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.

Source: Legit

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