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Tag: Islamic Development Bank

Nigeria’s debt stock may hit N30tr with new loans

Nigeria’s debt stock may hit N30tr with new loans

Finance
If Nigeria succeeds in borrowing the proposed $6.9bn from international lenders including the World Bank, the African Development Bank and the Islamic Development bank to help counteract the impact of coronavirus on the economy, the country’s debt stock may hit N30 trillion before the end of 2020. Finance Minister Zainab Ahmed had on Monday, said the government will ask for $3.4bn from the IMF, $2.5bn from the World Bank and another $1bn from the African Development Bank (AfDB), an amount totalling N2.48 trillion (N360/$1). According to the National Bureau of Statistics (NBS) the nation’s total public debts, consisting of external and domestic debts, stands at N27.4 trillion as at 31st December 2019. Rating agencies, Fitch, Moody’s and S&P Global had earlier downgraded Ni...