Amid President Muhammadu Buhari’s request for a fresh $4 billion loan and the controversies trailing it, latest records have shown that the Federal Government’s debt to the World Bank now stands $11.51billion, reflecting a $5.32 billion or 86 per cent increase.
This was apart from the financial commitments to other international lenders and bilateral creditors with whom Nigeria has economic trade ties.
Other creditors include, International Monetary Fund (IMF), United Nations Industrial Development Organisation (UNIDO), United Nations Children’s Fund (UNESCO), Global Fund, United Nations Office and Drugs and Crime (UNODC), World Health Organisation (WHO), World Trade Organisation (WTO), Food and Agricultural Organisation (FAO), the Republic of China, China Exim Bank, Germany among other organisations and countries.
But the Nigeria’s Debt Management Office (GMO) last week disclosed that the nation’s total public debt stock comprising the debt stock of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT) stood at N33. 107 trillion or USD87. 239 billion.
But despite calls from across the country to jettison a fresh loan request, the Minister of Finance, Zainab Ahmed, assured the country’s debt was still sustainable once it rolls out its infrastructure and the economy starts growing.
“Nigeria’s debt is still very much within sustainable limits.
“We need to roll out infrastructure, and grow the economy now, not later.” she said. Last week, President Muhammadu Buhari wrote to the National Assembly, seeking approval to borrow the sum of $4,054,476,863 billion and €710 million, a move which generated a lot of uproar.