* AfDB debt is $2.1 billion
* WB debt is $16.46 billion.
* China Exim debt is N5.06 billion.
* Eurobond market debt is $17.32b.
Subsidy removal no longer saves Nigeria from borrowings? What’s the purpose of its removal?
They will to borrow $21.5b to finance 538 boreholes budgeted at N114.53 billion.
They will borrow additional (¥15 billion, €2.1 billion & €65 million in grants) to finance 1,477 streetlight projects budgeted at N393 billion.
They keep padding the budget with unrealistic line items. But the borrowing is not sustainable. Borrowing is not a bad thing. But historical data has shown that Nigeria is not a wise spender.
$24b loan request (if approved) will increase Nigeria’s Debt-to-GDP ratio to 40%. It will balloon your Total Debt Stock to N184 Trillion.
$24b is half the size of your External Debt.
Buhari borrowed an arm & a leg. He even borrowed to defend your External Reserves.
But where is the result? Show it me!
I don’t follow DMO’s loan figures nowadays. I follow the crazy amounts approved by Akpabio. The DMO takes forever to update their website.
* All the companies (BUA, Dangote Cement, UBA, Fidelity Bank, etc) that are listed on the Nigeria’s Stock Exchange Market (NGX) are worth less than $50 billion, don’t forget.
The government of Nigeria is living above its means. They are borrowing for no specific reasons other boreholes & streetlights.
THE BORROWING IS NOT SUSTAINABLE.
