Senator Shehu Sani has lamented that the National Assembly is enabling President Muhammadu Buhari to pile up heavy debt burden for the nation.
Senator Sani made the remarks in n his Twitter handle on Thursday, noting the debt pile up too place “within the shortest period of time.”
The senator tweeted:
“It should be on record that this National Assembly is complicit in enabling the President to pile up heavy debt burden for the nation, within the shortest period of time.”
It should be on record that this National Assembly is complicit in enabling the President to pile up heavy debt burden for the nation,within the shortest period of time.
— Senator Shehu Sani (@ShehuSani) November 10, 2021
Nigeria’s debt profile under President Buhari rose from N12.1 trillion in 2015 to a whooping N33 trillion in the last year, according to the Debt Management Office (DMO).
Nigeria’s total public debt stock was N33. 107 trillion or USD87. 239 billion, as at March 31, 2021.
Domestic debt represented 62.3% of this at 31 March 2021, and external debt 37.6%
In the meantime, the Senate has approved $16,230,077,718, €1,020,000,000 and a grant component of $125,000,000.00 for the Buhari-led federal government on Wednesday.
The Senate gave the approval under the 2018-2020 External Borrowing (Rolling) plan” for the Federal Government.
The Chairman of the Senate Committee on Local and Foreign Debts, Senator Clifford Ordia, had presented a report on the floor of the senate during plenary.
If and when processed, the latest borrowing will see Nigeria’s debt hit about $105 billion.
