National Assembly Defends Buhari’s $4.9bn Loan Plan

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The Senate has justified the President Muhammadu Buhari’s plan to obtain $4.054bn and €710m ($$839m) loans.

Chairman of the Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, in an interview with journalists in Abuja, said there was no country that does not engage in deficit financing.

Basiru said this as the Director-General of the Debt Management Office, DMO, Patience Oniha, while giving a breakdown of the public debt stock for the second quarter of 2021 during a virtual media presentation on Wednesday, said Nigeria’s total public debt stock rose from N33.11tn as of March 31, 2021 to N35.47tn as of June 30, 2021.

This suggests an increase of N2.36tn or 7.12776 per cent increase.

The President had on Tuesday submitted to the National Assembly, a request for approval to obtain fresh external loans of $4.054bn and €710m ($$839m).

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