The Senate has approved new external loans for the federal government totaling $1.5 billion and €995 million.
During Wednesday’s plenary session, the senators approved the loans after considering the report of their committee on local and foreign debts.
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According to the Debt Management Office, Nigeria’s public debt reached N31.01 trillion at the end of June 2020, indicating that the country’s debt had increased by N18.89 trillion in five years under President Muhammadu Buhari.
The country’s debt profile was N12.12 billion at the end of June 2015, one month after Buhari took office.