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By Deji Elumoye and Udora Orizu The Senate yesterday gave the federal government the nod to borrow a total of $2.7 billion out of the $5.5 billion external borrowing request sent to the National Assembly by President Muhammadu Buhari in May last year. The external loans comprise $1.5 billion, to be sourced from the World Bank, and €995 million ($1.2 billion) from other international agencies, for the federal and state governments. If the loans are accessed, it will jack up Nigeria’s total public debt, which as of December 31, 2020 was N32.915 trillion ($84.574 billion), according to data from the Debt Management Office (DMO). Of this, 37.82 per cent was external, while the balance of 62.18 per cent was domestic.

Francis alimikhenaUdora orizuHameed aliAhmad lawanMuhammadu buhariDeji elumoyeIslamic development bankSenate committee on customsInternational monetary fundNational assemblySmall enterprises msesSenate committee onWorld bankDeutsche bankDebt management officeSenate passes