EXCLUSIVE: Buhari’s Government Borrows $29million From Islamic Bank, $5million From Arab Bank As Multilateral Debt Hits $17billion

President Muhammadu Buhari’s authorities has taken loans from about 10 worldwide banks and businesses, together with the Islamic Development Bank and the Arab Bank for Economic Development in Africa, plunging the nation right into a $17 billion multilateral debt disaster.

Out of the $17 billion, the Nigerian authorities, which has been lambasted as wasteful and denying residents of excellent infrastructure, collected $29.72 million from the Islamic Bank and $5.88 million from the Arab Bank.

EXCLUSIVE: Buhari’s Government Borrows $29million From Islamic Bank, $5million From Arab Bank As Multilateral Debt Hits $17billion 2

SaharaReporters obtained these figures from a report, Nigeria’s External Debt Stock in Millions of USD, ready by the Debt Management Office, Abuja, and the National Bureau of Statistics.

From the doc, the Buhari authorities took loans from “the International Monetary Fund, the World Bank Group through the International Development Association $11 billion; the International Bank for Reconstruction and Development; $410 million; the African Development Bank Group; the African Development Bank $1 billion; Africa Growing Together Fund; $0.21 million; and the African Development Fund, $942 million.”  

Others are: “Arab Bank for Economic Development in Africa, $5.88 million; European Development Fund, $51.33 million; the Islamic Development Bank; $29.72 million; and the International Fund for Agricultural Development, $223.28.”  

According to the doc, the entire of the nation’s multilateral loans stands at $17,830,000,0000 ($17billlion).

This is simply about 54.26 per cent of Nigeria’s whole exterior debt which stands at $33 billion as of March 31, 2021.

Since the Buhari administration got here to energy in May 2015, Nigeria’s debt inventory has risen astronomically with the federal government insisting that it had no choices however to borrow if it might meet the rising calls for of governance.

In 2015, Nigeria had a complete international debt inventory of $7.02 billion in comparison with the current staggering $33billion.

The Minister of Minister of Works and Housing, Babatunde Fashola, had a couple of week in the past defended the Nigerian Government’s resort to loans to develop infrastructure within the nation.

Fashola, who spoke to the News Agency of Nigeria, had stated that the nation wouldn’t make significant progress with out taking loans to spice up infrastructure.

”It is in our personal curiosity that the federal government does some borrowing and spends it on funding as a result of that sector contributes to the Gross Domestic Products (GDP) and contributes to employment.

“I do not support irresponsible borrowing so let us be clear; there has to be some sense to this.

“So long as you are borrowing to invest and you are investing in assets, then we can have this debate from morning till night and I don’t think I will come out unsuccessful. I agree everybody must keep their eyes open about how money is being borrowed, what it is being used for and whether the debt is sustainable,” the minister had stated.

In August 2020, former Vice President and the presidential candidate of the Peoples Democratic Party (PDP) within the 2019 normal election, Atiku Abubakar, had acknowledged that the Buhari-led authorities and the All Progressives Congress (APC) should apologise to Nigerians and make an admittance of guilt for plunging the nation right into a close to intractable debt disaster.

“We all are aware that Nigeria’s sovereignty may have been traded for foreign loans and God forbid our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil. No negotiation could be weaker than that.

“Debt, by itself, is not a bad thing. But debt budgeted for such unproductive ventures, like the proposed $500 million upgrade of the Nigerian Television Authority and other sundry bogus contracts, is debt that leads to death. To trade Nigeria’s sovereignty for this type of profligacy is the height of irresponsibility,” Atiku had stated.

Leave a Reply

Your email address will not be published.

EXCLUSIVE: Buhari’s Government Borrows $29million From Islamic Bank, $5million From Arab Bank As Multilateral Debt Hits $17billion

Send this to a friend