Lawmakers of the House of Representatives have, on Tuesday, approved external borrowings to the tune of $5,803,364,553.50, as well as a grant component of $10,000,000 for the President Muhammadu Buhari-led Federal Government.
The Lawmakers made the resolution following the adoption of the report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan No. 3.
The report was laid by the chairman of the House Committee, Hon. Ahmed Safana Dayyabu.
The resolution was adopted just as Nigeria’s public debt reached N38 trillion by Quarter 3 of 2021, according to the Debt Management Office (DMO).
This was disclosed in a statement titled ‘DMO publishes total public debt for Q3 2021’, published by News Band on Tuesday.
The statement reads: “In line with its practice, the Debt Management Office has published Nigeria’s Total Public Debt as at September 30, 2021.
“The Data which includes the Total External and Domestic Debts of the Federal Government of Nigeria, thirty-six State Governments and the Federal Capital Territory, shows that Nigeria’s Public Debt was N38.005 trillion or $92.626 billion at the end of Q3 2021.
“The increase of N2.540 trillion when compared to the corresponding figure of N35.465 trillion at the end of Q2 2021 was largely accounted for by the $4bn Eurobonds issued by the Government in September 2021.”
Read more here:
BREAKING: Nigeria’s public debt reaches N38tn by Q3 2021 –DMO
Despite the humongous debt, however, he House of Representatives approved more external borrowings for the federal government.
The breakdown of the loans shows that the World Bank will provide $2,300,000,000; German Consortium — $2,300,000,000, Islamic Development Bank — $90,000,000; China Eximbank — $786,382,967; Bank of China — $276,981,586:50, and the International Fund for Agricultural Development — $50,000,000.
The $10,000,000 grant is also expected from German Consortium.
The lawmakers, meanwhile, asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly before the execution of the same for approval.
This, the lawmakers noted, will account for proper documentation.