The Lagos Chamber of Commerce and Industry has expressed concern over the country’s debt profile and condemned the latest approval of additional $22.7bn loan on Thursday.
The Upper Chamber’s approval was based on the recommendation of the Senate Committee on Local and Foreign Debts.
But the Director General, LCCI, Dr Muda Yusuf, said the latest loan had brought the total debt stock to $108bn, even though 15 per cent of the debts were owed by the state governments. “An additional $22.7bn borrowing would bring the total debt stock to $108bn, although 15 per cent of the debts are owed by the state governments.”He added, “The debt service provision in the 2019 budget was a whooping N2tn, whereas the total capital budget was N2.9tn. This implies that the debt service commitment was 70 per cent of the capital budget allocation.
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