WEDNESDAY April 2, 2025 |
By thenewsdesk.ng
The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months, DailyTrust reports.
Analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.
It was gathered that the country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).
The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.
This development comes as the Central Bank of Nigeria (CBN) on Tuesday reported the highest Net Foreign Exchange Reserve position as of the end of 2024.
According to the CBN data released on Tuesday, NFER stood at $23.11 billion, the highest level in over three years, Daily Trust gathered. The development marked an increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
