President Muhammadu Buhari’s government in its insatiable thirst for foreign loans borrowed money from five European and Asian countries, to take Nigeria into $4.1 billion debt, according to statistics released by the Debt Management Office, Abuja.
SaharaReporters obtained the March 2021 report from the National Bureau of Statistics showing that Nigeria took loans from China, France, Japan, India and Germany, taking the country into a total $33billion foreign loan amidst dwindling revenue and low standard of living generally for Nigerians.
The document revealed that the Buhari government took loans from China through the Exim Bank of China at $3.4 billion, France through the Agence Francaise Development, $486 million; Japan through the Japan International Cooperation Agency at $74.6 million; India through the Exim Bank of India, $34 million and Germany through the Kreditanstalt Fur Wiederaufbua at $183.74 million.
The total stands at $4.1 billion debt which is only 12.73 per cent of the country’s humongous foreign loans.
The document reads, “BILATERAL; China (Exim Bank of China) 3,402.45; France (Agence Francaise Development) 486.68; Japan (Japan International Cooperation Agency) 74.60
India (Exim Bank of India) 34.59; Germany (Kreditanstalt Fur Wiederaufbua) 183.74; SUB-TOTAL 4,182.06 - 12.73%.”
SaharaReporters had on June 29 reported that the Buhari government took loans from about 10 international banks and agencies including the Islamic Development Bank and the Arab Bank for Economic Development in Africa, plunging the country into a $17 billion multilateral debt crisis.
It had been reported that out of the $17 billion, the Nigerian government collected $29.72 million from the Islamic Bank and $5.88 million from the Arab Bank.
SaharaReporters had obtained these figures from a report, Nigeria’s External Debt Stock in Millions of USD, prepared by the Debt Management Office, Abuja, and the National Bureau of Statistics.
From the document, the Buhari government took loans from “the International Monetary Fund, the World Bank Group through the International Development Association $11billion; the International Bank for Reconstruction and Development; $410 million; the African Development Bank Group; the African Development Bank $1 billion; Africa Growing Together Fund; $0.21 million; and the African Development Fund, $942 million.”
Others were; “Arab Bank for Economic Development in Africa, $5.88 million; European Development Fund, $51.33 million; the Islamic Development Bank; $29.72 million; and the International Fund for Agricultural Development, $223.28.”
According to the document, the total of the country’s multilateral loans stands at $17,830,000,0000 ($17billlion).
This is only about 54.26 per cent of Nigeria’s total external debt which stands at $33 billion as of March 31, 2021.
Since the Buhari administration came to power in May 2015, Nigeria’s debt stock has risen astronomically with the government insisting that it had no options but to borrow if it would meet the growing demands of governance.
In 2015, Nigeria had a total foreign debt stock of $7.02 billion compared to the present staggering $33 billion.