Why we are borrowing N9.61trn, biggest loan in Nigerian history – FG | Nigeria News Today. Your online Nigerian Newspaper

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The federal government has explained why it wants to take a $30.54 billion (about N9.61 trillion) loan, which is believed to be the biggest single external loan request by any government in recent history.

President Muhammadu Buhari, who on Tuesday requested the National Assembly’s accelerated approval of the borrowing plan, said it would include a $575 million World Bank loan.

The total loan will fund a number of key projects in the country, he said.

The projects cut across key sectors of the economy, with special emphasis on infrastructure development, agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes and governance and financial management reforms.

Mr. Buhari said the proposed programmes would receive about $11.274 billion of the total loan, while special infrastructure projects would take $10.69 billion. Euro bonds will take $4.4 billion and federal budget support, $3.5 billion, he said.

Details of the projects to be executed with the World Bank loan include polio eradication support and routine immunization project ($125 million); community and social development project ($75 million), and Nigerian states health programme investment project ($125 million).

Others include State education programme investment project ($100 million), Nigerian youth employment and social support project ($100 million), and Fadama 11 project ($50 million).

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  1. Now you see that Nigerians should raise up and say NO to these loans. non of these state benefiting areas makes sense. in actual fact, all these explanations revolves around the $575B world bank loan only. #ISTANDAGAINSTTHISLOANBYBUHARI#

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  2. It is not borrowing that is the matter but borrowing by a clueless incompetent and Ignorant APC government that even denied inheriting anything from the predecessors only for OBJ to reveal the Baba inherited $30b.
    It shows that this useless APC government don't have the capacity to administer even a local government talkless of a country like Nigeria.
    They are just making noise about fight against corruption to cover their woeful failings and incompetence. APC government is a disaster.
    APC werepe change!
    Apc! Kworshiokor change!
    Sai Baba!
    Sai Tinubu!

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  3. I hope this man called Buhari is not trying to sell the country?. With all the money recovered from looters and the 30billion left behind by GEJ. Why want to borrow more? Let Nigerians see what you can do with the much in your custody. There and then you can think of borrowing again. Since Buhari assume office all he does is borrow, borrow and borrow. Is borrow your manifesto and area of specialization. Like he said he borrow money to get his presidential form. Is it a curse or what? Nigeria is indebted already. Learn from other 3rd world countries on how to run a sustainable economy. Make I go charge phone for Vietnam. Will be right back.

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