The Senate has approved fresh external loans of $1.5 billion and €995 million for the Muhammadu-Buhari-led federal government.
The senators approved the loans after considering the report of its committee on local and foreign debts during Wednesday’s plenary session.
Nigeria’s debt public debt hit a total of N31.01 trillion at the end of June, 2020, according to the Debt Management Office (DMO).
This means that as of that time, the country’s debt had risen by N18.89 trillion in five years under the President Buhari.
At the end of June 2015, one month after Buhari came into power, the country’s debt profile stood at N12.12 trillion.
The latest loans approval came without Buhari and his finance minister Zainab Ahmed outlining any plan to reduce the cost of governance.
It also came after Ahmed admitted that Nigeria was in serious economic trouble. Her comment followed Edo governor Godwin Obaseki’s claim that the federal government printed N60 billion before it could meet March’s state allocation obligations.