Senate Approves New Foreign Loans For Nigerian Government

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Nigeria’s debt profile is set increase by at least $1.5 billion and Euros 995 million as the Nigerian Senate on Wednesday, at plenary, approved the sums for the Federal Government as new external loans.

The Senate gave the approval after the report of the Senate Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government was considered.

The Chairman of the Committee, Senator Clifford Ordia, presented the report of his panel.

NaijaNewsNow reports that there has been growing apprehension over the increasing debt profile of the country, with Nigerians saying it is becoming unmanageable, especially with a huge chunk of the national budget going into debt servicing.

The Federal Government has however maintained that the nation’s debt profile is healthy, especially when compared with the nation’s Gross Domestic Product {GDP}.

 

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