The National Assembly, on Thursday, approved the N1.77trn ($2.2 billion) loan request by President Bola Ahmed Tinubu.

The approval followed the consideration and adoption of reports of the committees on local and foreign debts in both chambers during the plenary.

With the approval, Nigeria’s total debt has now hit an all-time high – to the tune of N136 trillion.

President Tinubu had written to the National Assembly requesting the Senate and House of Representatives to approve a fresh $2.2 billion as an external borrowing plan in the 2024 Appropriation Act.

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The president’s request was contained in a letter read by the Speaker of the House of Representatives, Tajudeen Abbas and Senate President Godswill Akpabio during separate plenaries on Tuesday.

 

Your loans putting insufferable pressure on economy, Atiku hits Tinubu 

Former Vice President Atiku Abubakar said the loans being taken by the present administration are putting insufferable pressure on the economy. 

The Peoples Democratic Party (PDP) candidate in the 2023 presidential election said Nigeria is sinking further in debt, and accused the National Assembly of becoming an accomplice. 

Atiku, in a statement he signed, said “The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning.

“Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more. Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the budget. Why then are they still borrowing?

“These Tinubu’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilised,” Atiku said.