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Nigeria’s total debt now N33trn —Senate

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Nigeria’s total debt now N33trn —Senate

National Assembly

The Senate yesterday raised alarm that with its approval of $22.7billion foreign loan request by President Muhammadu Buhari penultimate week, the total debt profile of Nigeria now stands at N33 trillion.

 Speaking at the one day public lecture organized by the National Institute for Legislative and Democratic Studies (NILDS), on Public Debt in Nigeria: Trend, Sustainability and Management in Abuja yesterday, The Deputy Chairman of Senate Committee on Local and Foreign Debts, Senator Muhammad Enagi   Bima Enagi, All Progressives Congress,   APC, Niger South, said borrowing had always served as veritable financial platforms for many countries of the world in running their economies.

 According to him, judicious utilization of such loans for intended projects and servicing the debts appropriately have also been problems for some countries, particularly the developing ones as Nigeria.

This is even as the Director -General, Debt Management Office, DMO, Mrs Patience Oniha, expressed fears   that economic   effects of the coronavirus pandemic might incapacitate and frustrate Nigeria from servicing its debts appropriately.  Senator Bima noted that realities on   ground in the country, in terms of required infrastructure and debt accumulations between 2006 and now, were not in any way connected.

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