Tag: Loans
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Atiku Warns Against ‘Bone-Crushing’ National Debt as Tinubu Seeks Fresh Loans
Former Vice-President Atiku Abubakar has raised alarm over Nigeria’s mounting debt profile, describing the current administration’s borrowing as putting “insufferable” pressure on the country’s economy. His comments follow a World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA). The former PDP presidential candidate particularly criticized the government’s…
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Senate Approves Tinubu’s $2.2 Billion External Loan Request
The Nigerian Senate has granted approval for President Bola Tinubu to secure a $2.209 billion (N1.767 trillion) external loan, which will contribute to financing the N28.7 trillion 2024 budget as outlined in the Appropriation Act. The approval came during Thursday’s plenary following the presentation of the Senate Committee on Local and Foreign Debts report by…
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Tinubu Seeks Fresh $2.2bn Foreign Loan, Pushes for Quick Approval of 2025-2027 Fiscal Framework
President Bola Tinubu has intensified his administration’s economic recovery efforts by approaching the National Assembly with a request for a $2.2 billion external loan, aimed at addressing the substantial N9.7 trillion deficit in the 2024 budget. The loan request, presented through House Speaker Tajudeen Abbas during Tuesday’s plenary session, comes as part of a broader…