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Other side of private infrastructure financing

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Critical infrastructure plays a critical role in enhancing economic growth, creating jobs, improving living standards and reducing poverty. Important national goals and aspirations depend largely on how developed and sophisticated its infrastructure is. The inability of governments over the years to put critical infrastructure in place has widened the country’s infrastructure gap. Moody’s, a leading rating agency estimated Nigeria’s infrastructure gap at $3 trillion, which experts say is six times the size of its annual GDP.
Since 2015, the government of President Muhammadu Buhari has more than tripled the level of the Federal Government’s indebtedness to both local and foreign creditors. To be sure, state governments have also been active in the debt market ostensibly to seek funding for development. ....

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Buhari regime borrows $2.02bn from China in six years

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Temitayo Jaiyeola, Kariola Mustapha, Amarachi Orjiude and Sami Olatunji
Published 15 June 2021
Temitayo Jaiyeola, Kariola Mustapha, Amarachi Orjiude and Sami Olatunji
Published 15 June 2021
• $719.61m used to service Chinese loans since inception in 2015
The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn.
However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years. ....

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Buhari Regime Borrows $2.02 Billion From China In Six Years

Buhari Regime Borrows $2.02 Billion From China In Six Years
niyitabiti.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from niyitabiti.net Daily Mail and Mail on Sunday newspapers.

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Buhari Administration Borrows N830 Billion From China In Six Years

Buhari Administration Borrows N830 Billion From China In Six Years
saharareporters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saharareporters.com Daily Mail and Mail on Sunday newspapers.

Port Harcourt , Abuja Federal Capital Territory , Muhammadu Buhari , Nigerian Railway Modernisation Project Lagos , Debt Management Office , Nigerian Railway Modernisation Project Idu , President Muhammadu Buhari Led , Fiscal Responsibility Act , Nigerian Railway Modernisation Project , Abuja Light Rail Project , Nigerian Four Airport Terminals Expansion Project , Abuja Keffi Makurdi Road , போர்த் ஹர்கார்ட் , கூட்டாட்சியின் மூலதனம் பிரதேசம் , கடன் மேலாண்மை அலுவலகம் , நிதி பொறுப்பு நாடகம் , நைஜீரியன் நான்கு விமான முனையங்கள் விரிவாக்கம் ப்ராஜெக்ட் ,

Struggling Under a Crushing Weight of Debts

Vanessa Obioha writes that the rising debt profile of Nigeria brings a scrutiny on President Muhammadu Buhari’s administration, which is arguably, the only government that has borrowed more than any in the new democratic dispensation and perhaps the only administration that has recorded two economic recessions
Nigeria’s economy, like most nations in the world, contracted due to the unprecedented Coronavirus pandemic last year. The global crash in oil prices forced the country to suspend the external commercial borrowing as indicated by the Minister of Finance Zainab Ahmed. Ninety per cent of the country’s foreign exchange earnings and about 60 per cent of its total revenue are from the oil sector. ....

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