How FG. spent $4.8bn foreign loans in two years

The Federal Government obtained about $4.8bn from various foreign sources in the last two years, The PUNCH has reported. The loans were expended on various programmes.

While Nigeria’s rising indebtedness is generating ripples as to the sustainability as well as the interest element, the Federal Government has given details of some of the foreign loans it has raised in the last two years,

Minister for Finance, Kemi Adeosun

The Economic Governance, Diversification and Competitiveness Support Programme was the highest single financing item on which the government expended $600m of the borrowed funds from external sources in the last two years.

Responding to an enquiry from The PUNCH under the Freedom of Information Act, the Federal Government, through the Debt Management Office, said it received $600m from the African Development Bank for the EGDCSP.

The AfDB said on its website that the programme would help the government to create the fiscal space to facilitate a smooth implementation of the government’s budget, support fiscal and structural reforms, and improve the targeting of social sector spending to protect the most vulnerable segments of the population.

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