BREAKING: Despite huge debt profile, Buhari set to borrow N2.3trillion

President Muhammadu Buhari, on Tuesday, urged the Senate to approve a new external loan of N2,343,387,942,848.00, about $6.183 billion.

The President seeks the fresh loan for the Federal Government to finance the 2021 budget deficit.

Senate President Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary on Tuesday.

Under Buhari, Nigeria’s debt profile has continued to increase.

Nigeria’s debt public debt hit a total of N31.01 trillion at the end of June 2020, according to the Debt Management Office.

This means that between May 2015 and June 2020, five years under President Buhari, the country’s debt rose by N18.89 trillion.

As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12 trillion.

Nigeria’s total public debt stock as of September 2020, increased by over N6 trillion in just one year to N32.2 trillion. This is according to the Nigerian Domestic and Foreign Debt report, recently released by the National Bureau of Statistics (NBS).
Total external debts for the period ended September 2020 is $31.9 billion compared to $31.4 billion as of June 2020, according to nairametrics.
Total domestic debt rose to N20 trillion as of September 2020 compared to N19.6 trillion as of June 2020.
Nigeria now has an estimated combined total public debt (domestic and foreign) of N32.2 trillion
This represents an additional N6.01 trillion when compared to N26.21 trillion recorded as of the corresponding period of 2019.
Nigeria expects to borrow more in 2021.

The breakdown shows that external debts accounted for 37.82% (N12.19 trillion) of the total debt stock, while domestic debts at N20.04 trillion represented 62.18% of the total.