Nigeria leader Buhari rebuffed over US$29b foreign borrowing idea

Nigeria leader Buhari rebuffed over US$29b foreign borrowing idea

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Nigeria’s Senate has refused to consider President Muhammadu Buhari’s request to seek US$29.6 billion in foreign loans over three years to build infrastructure and boost employment.
It was a shocking move on Tuesday in a Parliament controlled by the president’s party.
Senate leader Ali Ndume said he would reintroduce the request, which would almost triple Nigeria’s external public debt load.
“Debt is a controversial issue in Nigeria, which benefited from significant debt forgiveness in 2006,” Capital Economics risk analysts said Wednesday, but noted that Nigeria has the lowest public debt to GDP ratio of any major African economy.-AP

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