Business Hilights
Tracking Nigeria's Headline Business News Online

Fact Check: Another look on FG’s planned borrowings ahead 2020

Apart from the fact that the 2020 budget is expected to borrow about one third of the total sum to function effectively if all targeted revenues are collected, hereunder are planned facilities to borrow between this month and end of 2020 financial year in Nigeria.

Fresh World Bank loan for power =$3Billion

Gurara Power plant = $1Billion

Mambila Power plant = $5 Billion

FCT/Itakpe/Warri Rail line=$3.9Billion

Brazil Agric Loan =$1.1Billion

Coastal Rail line loan (Lagos-Calabar) =$1.8 Billion

Kano/Ibadan Rail line=$6.Billion!!!

Total: $21.8 Billion

As it stands now, External Debt in Nigeria increased to $27.162.63 USD Billion in the second quarter of 2019 from $25.609.63 USD Billion in the first quarter of 2019. External Debt in Nigeria averaged 9914.18 USD Million from 2008 until 2019, reaching an all time high of $27.162.63 USD Billion in the second quarter of 2019 and a record low of $3.627.50 USD Billion in the first quarter of 2009.

Buhari Nigeria External Debt
Nigeria External Debt in graphics as at July 2019