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    Only 23% of Nigerians trust INEC- Report says

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    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

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    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

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    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

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    UK tightens visa rules for care workers, skilled workers and students

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    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    Buhari says Nigeria security and economy improved during his tenure

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Just in: Buhari seeks Senate approval for new $6.18 bn external loan

Tuesday, 18 May 2021, 3:23 pm
in News, Nigeria
0
Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion
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In a letter to the Senate, President Muhammadu Buhari is seeking approval for a new $6.18 billion external loan  to finance the 2021 Budget deficit of $5.6 trillion.

The letter was read by the Senate President, Senator Ahmad Lawan at the plenary on Tuesday according to Vanguard.

The loan is to enable the Federal Government fund infrastructure projects in transportation, health, education etc according to Lawan.

Read also: Nigeria’s Inflation rate in April at 18.12%, lower than 18.17% recorded in March

The new request comes nearly a month after the Federal Government received the approval of $1.5 billion and €995 million external borrowing from the Senate.

Nigerian States and Federal Debt Stock data as of 31st December 2020 showed that the country’s total public debt portfolio stood at N32.92trn.

This is a 20.12% increase from the N27.40 trillion total public debt as at 31 December 2019.

Nigeria’s total public debt showed that N12.71trn or 38.60% of the debt was external while N20.21trn or 61.40% of the debt was domestic. In 2019 eternal debt was N9.02 trn or 32.93% of the total public debt while domestic debt was N18.38 trn or 67.07% of the total public debt.

The Federal Government accounts for 85.69% (N10.89 trn) of the external debt while states and FCT account for the remaining 14.31% (N1.82 trn).

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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