Nigeria’s Debt Hits N35.5trn, APC Defends Borrowing

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The national leadership of the All Progressives Congress (APC) has backed the continued borrowing by the federal government, saying it is for the good of

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“Nigerians should also reflect and recall that the PDP had, in its 16 years of misrule, pushed the country into a dark ditch of insolvency, and a period in which most state governments could not pay workers’ salaries, not even the minimum wage, or settle contractors’ bills and cater for patients in hospitals, to name a few.”

On the domestic front, federal and sub-national governments owe N21.754 trillion, representing 61.34 per cent, while N13.711 trillion is owed to foreign borrowers including China, the World Bank and IMF drawdown. Oniha said the government’s overdraft to the Central Bank of Nigeria through ways and means was started at N10 trillion, but was not specific on the current amount of the government overdraft collection. She said plans are on the way to formally convert the overdraft to debt.

“We have built up Nigeria reserves with the issuance of our Eurobonds,” she stated, adding that raising funds externally through Eurobonds to finance budget deficits reduces the level of sovereign borrowing in the domestic markets. The president is also seeking approval for grant components of $125 million in the 2018-2021 external rolling borrowing plan.

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That picture though

Lol...even though 99% of these borrowings being embezzled

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