Just 19 days to May 29, hand over date, President Muhammadu Buhari has Wednesday asked the Senate to approve a new borrowing request of $800 million.
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The outgoing President made the request in a letter read by Senate President Ahmad Lawan at Tuesday’s plenary.
The president, in the letter, explained that the loan would be used to scale up the National Social Safety Net Programme.
He said the new borrowing would be sourced from the World Bank.
Nigeria is already necked deep in public debts..
According to the Debt Management Office,( DMO), the reason for the public debt rise was largely due to new borrowings by the federal government to finance the deficit in the 2022 Appropriation Act as well as new borrowings by state governments.
At the moment, Nigeria has a debt profile of over N 40 trillion. With approvals for new borrowings, the Buhari government may leave behind a legacy of debts in excess of N70 trillion
