President Muhammadu Buhari’s authorities in its insatiable thirst for overseas loans borrowed cash from 5 European and Asian nations, to take Nigeria into $4.1 billion debt, in line with statistics launched by the Debt Management Office, Abuja.
SaharaReporters obtained the March 2021 report from the National Bureau of Statistics exhibiting that Nigeria took loans from China, France, Japan, India and Germany, taking the nation into a complete $33billion overseas mortgage amidst dwindling income and low lifestyle usually for Nigerians.
The doc revealed that the Buhari authorities took loans from China by the Exim Bank of China at $3.4 billion, France by the Agence Francaise Development, $486 million; Japan by the Japan International Cooperation Agency at $74.6 million; India by the Exim Bank of India, $34 million and Germany by the Kreditanstalt Fur Wiederaufbua at $183.74 million.
The whole stands at $4.1 billion debt which is simply 12.73 per cent of the nation’s humongous overseas loans.
The doc reads, “BILATERAL; China (Exim Bank of China) 3,402.45; France (Agence Francaise Development) 486.68; Japan (Japan International Cooperation Agency) 74.60
India (Exim Bank of India) 34.59; Germany (Kreditanstalt Fur Wiederaufbua) 183.74; SUB-TOTAL 4,182.06 – 12.73%.”
SaharaReporters had on June 29 reported that the Buhari authorities took loans from about 10 worldwide banks and companies 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.
It had been reported that out of the $17 billion, the Nigerian authorities collected $29.72 million from the Islamic Bank and $5.88 million from the Arab Bank.
SaharaReporters had 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 $11billion; 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 had been; “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 overall 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 could meet the rising calls for of governance.
In 2015, Nigeria had a complete overseas debt inventory of $7.02 billion in comparison with the current staggering $33 billion.