Nigeria: Needless U.S.$9.4 Billion Loan

8 November 2012
editorial

On Monday, the federal government proposed a portfolio of concessionary loans totalling $9.4 billion under its 2012-2014 Medium Term External Borrowing Plan and requested the National Assembly to consider and approve it.

The proposal consists of an initial request of $7.9 billion which has been pending before the parliament and an additional $1.4 billion comprising a $300 million loan for water supply schemes in selected states, a $1 billion Euro bond and $100 million Diaspora bond which will be issued next year. Coordinating minister for the economy and minister of finance Dr. Ngozi Okonjo-Iweala explained to the House of Representatives that the loan would do more good than harm to the nation's economy.

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