The Upper Chamber’s approval was based on the recommendation of the Senate Committee on Local and Foreign Debts.
But the Director General, LCCI, Dr Muda Yusuf, said the latest loan had brought the total debt stock to $108bn, even though 15 per cent of the debts were owed by the state governments. “An additional $22.7bn borrowing would bring the total debt stock to $108bn, although 15 per cent of the debts are owed by the state governments.”He added, “The debt service provision in the 2019 budget was a whooping N2tn, whereas the total capital budget was N2.9tn. This implies that the debt service commitment was 70 per cent of the capital budget allocation.
🤦🏽The current Debt threshold is $108bn, a 108% increase between 2015 - 2019. See eh, there's an internal Kankerworm we haven't addressed - Waste. Its more like keeping money in a pocket with holes.
The administration lacks ideas and vision. They don't know how to attract foreign investors and to generate revenues. The easy way out is to borrow and to keep borrowing. They will borrow and they will embezzle it through supporting terrorism.
Wondering the kind of president Buhari is. How can a sọ called loving and caring father keep borrowing money on behalf of his children yet they're are not feeling the impact. Does this kind of father know the implications of what he is going to leave behind for his children?
These senators are our major problem in this country, they do this because of their share our of the said loan.