L
LequteMan
Guest
Chairman of the Senate Committee on Foreign and Local Debts, Shehu Sani (APC Kaduna Central), came yesterday revealed that Nigeria’s total debts at present stands at $60 billion .
“Available records have clearly shown that Nigeria’s total debts profile stands at $60billion out of which $10.6billion is from foreign loans," he said during a visit to his office by the Islamic Development Bank (IDB).
“Borrowing should simply be a last option for any serious minded government and not just first option of way out of problems at hand because we don’t need to overburden our next generations for repayment of needless loans taking before their time," he added.
IDB also declared that Nigeria spends 80 per cent of her revenue on debt servicing.
Resident Representative of IDB in Nigeria, Abdallah Mohammed Kiliaki, said though Nigeria’s Debts GDP ratio is low at 17%, resources being used to pay the debts are enormous going by percentages taken on yearly basis.
He also declared that the recent visit of the 19 northern governors to the head office of the Bank in Jeddah, Saudi Arabia was for rehabilitation assistance for the Internally Displaced Persons ( IEDPs) and that no financing envelope agreement has been made.
Guardian
“Available records have clearly shown that Nigeria’s total debts profile stands at $60billion out of which $10.6billion is from foreign loans," he said during a visit to his office by the Islamic Development Bank (IDB).
“Borrowing should simply be a last option for any serious minded government and not just first option of way out of problems at hand because we don’t need to overburden our next generations for repayment of needless loans taking before their time," he added.
IDB also declared that Nigeria spends 80 per cent of her revenue on debt servicing.
Resident Representative of IDB in Nigeria, Abdallah Mohammed Kiliaki, said though Nigeria’s Debts GDP ratio is low at 17%, resources being used to pay the debts are enormous going by percentages taken on yearly basis.
He also declared that the recent visit of the 19 northern governors to the head office of the Bank in Jeddah, Saudi Arabia was for rehabilitation assistance for the Internally Displaced Persons ( IEDPs) and that no financing envelope agreement has been made.
Guardian
