Thursday, February 16, 2012

Jonathan seeks Senate's nod to borrow fresh N1.3trillion

Premium Times
14 February 2012

Fresh borrowing will raise Nigeria’s total debt stock to a new high of N7.6trillion since the country exited the Paris Club debt in 2004

President Goodluck Jonathan has asked federal lawmakers to endorse his bid for a fresh $8 billion foreign credit lifeline to finance some “pipeline projects”, under his administration’s transformation agenda.

The move is sure to raise Nigeria’s total debt stock to a new high in almost a decade since the country managed to exit the Paris Club debt overhang in 2004.
It was gathered that the quest for the facility was given fillip in the wake of government’s recent failed attempt to remove subsidy on petrol, which it hoped to claw in about N1.3trillion in savings to help fund some key projects under
The Debt Management Office (DMO) puts the country’s current total debt profile as at September last year at about $40billion (about N6.3trillion), consisting external debt of $5.6 billion (about N876.4billion) and domestic debt of $34.4 billion (about N5.4trillion).

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