Nigeria goes aborrowing!

NIGERIA’S debt profile is set to rise by N1 trillion. President Goodluck Jonathan, who says he is in dire need of funds to execute some critical projects, wants the National Assembly to clear the coast for him to borrow N1.3 trillion from the World Bank, African Development Bank (ADB) and others. The President in a letter he wrote to the Legislature yesterday, urged it to endorse his bid to borrow N1trillion (about $7,905,690,000) for the execution of the projects. There were also concerns in the Upper House yesterday that the 2012 budget was not properly packaged by the Executive arm of government.

The country’s external and domestic debts as at September 2011 are put at N6.189 trillion. The domestic debt is N5.3 trillion while the external stock is $5.6 billion. The Federal Government owes $3.316 billion while the 36 states of the federation owe $2.317 billion, bringing the total external debt owed by the two tiers of government to $5.633 billion.  If the Legislature approves the N1.3 trillion being sought by the President, Nigeria’s debt stock will rise to N7.489 trillion.


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