The House of Representatives has mandated its Committee on Aids, Loans, and Debt Management to carry out a comprehensive audit and oversight of all loans obtained by the federal and state governments since the inception of the current democratic dispensation and report within four weeks for further legislative action.
The resolution followed the adoption of a motion on the “Need to Ensure Public Debt Oversight on the Federal and State Governments Loans and Proper Utilization of Borrowed Funds” moved by Lanre Okunlola at plenary yesterday.
Okunlola noted that according to recently released data by the Debt Management Office (DMO) of Nigeria as of March 31, 2024, Nigeria’s public debt profile, which includes both external and domestic debt, had grown significantly over the years.
He said that this currently stands at N121.67 trillion ($91.46 billion) with loans sourced from both domestic and international lenders by the Federal and State Governments to fund various projects and budget deficits.
He also noted that Nigeria’s debt rose by N24.33 trillion in three months from N97.34 trillion ($108.23 billion) in December 2023 to N12 1.67 trillion ($91.46 billion), according to the same report.
