The $22.7 billion loan request put forth by President Muhammadu Buhari has been given the green light by the House of Representatives. The lawmakers approved the request after reviewing a report by the house committee on aids, loans, and debt management on Tuesday June 2nd. Despite initial opposition from some lawmakers, especially those of the south-east caucus, due to the omission of projects in the region from the loan financing, the request was eventually endorsed.
President Buhari emphasized that the loan would be utilized to support infrastructural development across the nation. It’s worth noting that the Senate had previously sanctioned the loan request in March 2020.
As of September 30, 2019, Nigeria’s debt profile stood at ₦26.2 trillion. The country’s total domestic debts amounted to about ₦18 trillion, constituting approximately 68.45 percent, while its debts to foreign lenders accounted for ₦8 trillion.