The Senate has granted President Muhammadu Buhari permission to borrow the sums of $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 in foreign loans, for the construction of critical infrastructure and legacy projects.

Lawmakers specifically approved the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International Capital Market.

The president was also asked to forward the terms and conditions of the loan from the funding agencies to the National Assembly.

Nigeria’s debt portfolio has ballooned under President Buhari, rising from N12.12 trillion in June 2015, a month after he assumed office, to N32.92 trillion as of December 2020.

In October, the president asked Nigerians not to worry too much about the nation’s rising debt profile, saying Nigeria does not have a debt sustainability problem but a revenue problem.

In his 2022 budget presentation to the National Assembly on Thursday, October 7, 2021, President Buhari said fresh borrowings of N5.01 trillion will be needed to finance the expected deficit of N6.62 trillion in next year’s budget.