FG Approaches China For $17bn Loans

The Federal Government on Tuesday explained why it decided to approach the China-Exim Bank for a $17bn loan request. It said other lending institutions like the World Bank and the African Development Bank were not showing much interest when Nigeria approached them during a recession. The Minister of Finance,  Zainab Ahmed,  stated this in the... Continue Reading →

$22.7bn Loan Request Meant For Infrastructure — FG

The Federal Government has said that the proposed amount of the 22.7 billion dollars requested by President Muhammadu Buhari in the External Borrowing Plan (2016 to 2018) would be invested in infrastructure development and not consumption. Minister of Works and Housing, Mr. Babatunde Fashola, Minister of Finance, Mrs. Zaynab Ahmed and Minister of State, Transport,... Continue Reading →

CSOs Fault Buhari’s Fresh $29.96bn Loan Request

Forty-two civil society organizations on Thursday raised concerns over Nigeria’s increasing debt profile, asking that efforts be made to stop the trend TODAY NG reports. They expressed worry that President Muhammadu Buhari again submitted to the National Assembly request for the approval  of $29.96bn loan under the 2016-2018 External Borrowing Plan at a time the... Continue Reading →

Anger As Buhari Makes Fresh Request For $29.96bn Loan

President Muhammadu Buhari on Thursday re-sent the $29.96bn 2016-2018 external borrowing plan to the Senate for its consideration and approval Premium News24, The Pledge, and Punch NG reports. Buhari made the request a day after the International Monetary Fund warned Nigeria against rising debts. The Debt Management Office has said out of Nigeria’s total debt... Continue Reading →

FG Repays $460m loan on failed CCTV – Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government is still servicing the $460 million loan got for failed Abuja CCTV project The Cable NG reports. She spoke on Thursday at the defense of the 2020 budget proposed by her ministry. The House Committee on Finance had queried the... Continue Reading →

Despite $81bn Debt, Federal Govt Seeks Fresh $2.5bn Loan From World Bank

Despite a $2.4bn loan obtained by Nigeria in 2018, the World Bank has said it is in talks with Nigeria for a fresh loan of $2.5bn. Revealing this to Bloomberg on Wednesday, Vice-President for the African division of the World Bank, Hafez Ghanem, said: “we’re talking about a new set of programs of about the... Continue Reading →

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