Senate compounds Nigeria’s debt burden, approves fresh $16bn, €1bn for Buhari

The Nigerian Senate has continued to compound Nigeria’s debt burden, as the Upper Chamber of the  National Assembly approved $16,230,077,718 and €1,020,000,000 fresh loans requested by President Muhammadu Buhari.

The Senate further approved grant components of $125 million for the federal government.

President Buhari had requested for the Senate’s approval for the loans in an addendum to the 2018-2020 borrowing plan in September. The approval has increased the debt profile of the country, with the multiplier effect of heavier burden on budgetary allocations for debt servicing.