Nigeria: Caution On Govts $29.960bn Foreign Loan

11 December 2019

President Muhammadu Buhari last Thursday asked the National Assembly to approve $29.960 billion of foreign borrowings. They consist of Projects and Programme loan of $11.274 billion, Special National Infrastructure Projects of $10.686bn, Euro Bonds of $4.5bn and Federal Government Budget Support of $3.5bn.

The new borrowings are tied to projects supported by the World Bank, African Development Bank, Islamic Development Bank, German Development Bank and China EXIMBank.

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