Osinbajo seeks approval of Senate to borrow more money as Nigeria’s debt hits N19.16 trillion

– Acting president, Yemi Osinbajo, writes to the Senate for approval of the external borrowing plan as approved by the Federal Executive Council (FEC)

– Osinbajo’s letter to the Senate was read by Senate president, Bukola Saraki to the upper chamber

– Meanwhile, Nigeria’s total debt profile hit N19.16 trillion after the country incurred a N7.1 trillion in the last two years

Acting president, Yemi Osinbajo, has sought the approval of the Senate for the External borrowing plan (2016-2018) as approved by the Federal Executive Council (FEC).

Osinbajo request to the upper Chamber was made known by Senate president, Bukola Saraki in a letter he read on the floor of chamber senate on Tuesday, June 6.

PLUSMILA.com recalls that Osinbajo’s letter to the Senate is coming shortly after the acting president sought approval of the National Assembly to include the Development Bank of Nigeria and Fund for Agricultural Finance in Nigeria into the 2019-2018 external borrowing plan.

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The facility which stands in the value of $1.28bn (USD) and 9million Euro, according to Osinbajo was omitted in the 2014-2016 external borrowing plan approved by the National Assembly.

Osinbajo request for approval for the External borrowing plan comes as Nigeria’s total debt profile hit N19.16 trillion after the country incurred a N7.1 trillion in the last two years, according to the country’s Debt Management Office (DMO).

The total debt profile, according to the DMO, was incurred both internally and externally.

The DMO, as reported by Premium Times, explained that the nation’s indebtedness to both local and foreign creditors rose from the N17.36 trillion recorded at the end of December 2016.

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This represents an increase of N1.8 trillion, according to the report.

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