Despite the high profile of N32.22 trillion of the public debt stock of the country, The Senate has gone ahead to approve the sums of $1.5billion and €995million external loans for federal and state Governments.
The Senate gave the approval after considering the report of its Committee on local and foreign debts on the external borrowing plan of the federal government.
Nigeria as at September 30, 2020 has her public debt stock stood at N32.22 trillion.
Meanwhile, Chairman of the Committee, Clifford Ordia, told the lawmakers that the panel had considered the loan request and was recommending its approval.
The committee revealed that €995m loan is meant for agricultural mechanisation across the 774 Local Government Areas while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the Federal Capital Territory.
The loan will be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.
The lawmakers, in response, gave their nod for the loan request without considering the Nigeria’s current and struggling position of her debt profile.
