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Sunday 20 June 2021
HomeNewsNigeria raises debt profile by US$1.4b to US$9.3b

Nigeria raises debt profile by US$1.4b to US$9.3b

Nigeria is to borrow US$9.3 billion, instead of the original US$7.9 billion, between 2012 and 2014 to develop infrastructure, particularly in the agricultural, housing,
education, health and transport sectors, Minister of Finance Ngozi Okonjo-Iweala said.

She said the increase constituted an amendment to the original US$7.9 billion proposed in the 2012-2014 Borrowing Plan which the federal government earlier sent to the National Assembly (parliament).

Nigeria’s total external debt stood at US$6.2 billion as of 30 September.

Dr. Okonjo-Iweala spoke on Monday when he appeared before the House Committee on Loans/Aids/Debts to defend the amended plan, explaining that out of the US$1.4 billion, US$1 billion was expected from a Euro Bond the government would issue in 2013 and that another US$200 million African Development Bank loan would be sourced for water projects in Rivers State.

The minister said another US$100 million would be sourced from a Diaspora Bond “as a way of bringing our people to put their funds in the provision of infrastructure” in the country.

The amendments also included the swapping of a US$300 million loan sourced
from the World Bank for the power sector to the provision of housing.

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