Tinubu's Govt Repaying 69 Loans Taken by Former Presidents, World Bank Shares Details

• The Federal Government is currently repaying $10.6 billion in loans taken out during previous administrations
• As of March 31, 2024, Nigeria's total debt stands at N121.67 trillion ($91.46 billion), comprising N65.65 trillion in domestic debt and N56.02 trillion in external deb
• Additionally he current administration incurred $4.95 billion of foreign debt within its first year

FCT, Abuja - The World Bank Group Finances has disclosed that the Federal Government continues to service $10.6 billion in loans acquired during previous administrations.

Specifically the previous administrstions were that of former Presidents Olusegun Obasanjo, Umaru Musa Yaradua, and Goodluck Jonathan.

Nigeria's domestic, external debts hits N121.67trillion - FG

As of March 31, 2024, the Debt Management Office reported that Nigeria's total debt, encompassing both domestic and external obligations, reached N121.67 trillion ($91.46 billion).

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This debt comprises N65.65 trillion ($46.29 billion) in domestic debt and N56.02 trillion ($42.12 billion) in external debt.

Additionally, sources reveal that $4.95 billion of this foreign debt was incurred by the current administration within its first year, The Punch reported.

The Central Bank of Nigeria has also reported that $15.55 billion was expended on debt servicing between 2019 and 2024.

The digital platform WBG Finances has disclosed that the Federal Government continues to repay at least 69 loans taken out between 2000 and 2014.

WBG Finances, a project of the World Bank Group Finance and Accounting, provides public financial data and portfolio details from various WBG entities.

The platform said:

"Ongoing repayments include loans from the Community Based Poverty Reduction Project ($60 million), Second Primary Education Project ($55 million), Economic Management Capacity Building Project ($20 million), and Small Town Water Supply and Sanitation Programme Pilot Project ($5 million), all from 2000."

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The platfom noted that loans from 2001 still being repaid include the Transmission Development Project ($100 million), Privatisation Support Project ($114 million), and HIV/AIDS Programme Development ($90.3 million).

More so, among others, in 2002, the Federal Government secured four loans totaling $438 million, which included the Second Health System Development Project ($127 million), the Community-Based Urban Development Project ($110 million), the Lagos Urban Transport Project ($100 million), and the Universal Basic Education Project ($101 million).

From 2003 to 2005, the government acquired World Bank loans amounting to $1.1 billion, all of which are still being repaid, Business Day reported.

Hardship: "Nigeria Sitting on Keg of Gunpowder," Obj tells Tinubu

In another development, Legit.ng reported that former President Olusegun Obasanjo has described the situation of Nigeria as a country 'sitting on a keg of gunpowder', following the spate of hardship in the country.

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This was as he said that Nigeria will not make meaningful progress unless both leaders and citizens adopt what he referred to as “moral rearmament.”

Obasanjo made these comments during a visit from six members of the House of Representatives at his Olusegun Obasanjo Presidential Library in Abeokuta.

Source: Legit.ng