Concern as Nigeria Continues to Borrow Despite Rising Debt

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to provide spending details of the overdrafts and loans obtained by the government from the Central Bank of Nigeria (CBN) since May 2015. SERAP also demanded clarification of whether the U.S.$25 billion reportedly obtained from the CBN is within the five percent limit of the actual revenue of the government for 2020. Over the years, the government's borrowing from the CBN has skyrocketed, raising serious concerns about debt servicing and fiscal sustainability. SERAP recently advised the government to explore other options to raise funds instead of selling national assets. This comes after the government proposed to sell or concession 36 of its properties to raise funds, largely to finance the 2021 budget

InFocus

(file photo).

Follow AllAfrica

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.