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Government places embargo on foreign loans

Nigeria’s government has banned all its agencies and parastatals from taking out foreign loans in a bid to manage its US $32.8-billion external debt, ‘The Guardian’ reported on Monday.

The Lagos newspaper quoted the special adviser to the president, Philip Asiodu, as saying that concessionary loans at rates as low as 0.75 percent were the only exception.

The government is, however, negotiating a US $1 billion loan with the World Bank, which Asiodu said, is to help fund its poverty alleviation programme. He said the government’s main concern was to keep its spending within budgetary limits, ‘The Guardian’ added.


This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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