Last updated on September 11th, 2021 at 08:20 am
Nigeria is sinking deeper into debt.
Nigerian President Muhammadu Buhari presented the 2021 budget to the National Assembly on Thursday.
He announced that it would be funded by fresh borrowings worth 4.3 trillion nairas, which is a third of the total budget of almost 13 trillion nairas.
That’s 33.2 billion American dollars.
The president said that 420 Billion have been earmarked for the Social Investment Programmes, while 20 Billion will go to the Social Housing Programmes.
In August, the Debt Management Office said that total loans by the Chinese government and affiliate agencies to Nigeria was over 3 billion dollars.
In total, Nigeria’s public debt was of $79.3 billion dollars at the end of March.
The country’s debt has risen by over 158% in the last five years.
(AFP)
Advances in technology have changed the way public services are delivered. Many services are now available online. National Identity Management…
On Wednesday, Kenyan police officials were seen walking Port-au-Prince's streets wearing body armor and automatic firearms. Reacting to a call…
On April 10, 2024, the Nollywood industry mourned the loss of John Paul O'Donoghue, popularly known as Junior Bob. This…
Some people would like to introduce Wizkid as a Nigerian singer. Balogun is his real name and his full name…
The world of Rap music has witnessed many talented artists and NBA Youngboy is one of them. NBA stands for…
Death, universally recognised, is an unavoidable aspect of the human experience, although its Having your Guaranty Trust Bank ATM card…
This website uses cookies.