The Programme lead on Extractive and open data of Policy Alert, Iniobong Usen, during the 2020 edition of the annual Open Budget Forum organised by Policy Alert said the State has been plunged into unsustainable debt profile because the loans are not self-liquidating.
He further expressed worry that all the loans were gotten from commercial banks with high-interest rates which would eventually translate to huge debt burden to successive governments. “It is particularly disturbing that a significant part of this new debt will be spent on the Coconut Refinery Project and the 21 Storey Building Project which both received a loan injection of N10 billion last year.
Source: Loan Digest (loandigest.net)
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