1. Home
  2. West Africa
  3. Nigeria

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

Share this article

Hundreds of thousands of readers trust The New Humanitarian each month for quality journalism that contributes to more effective, accountable, and inclusive ways to improve the lives of people affected by crises.

Our award-winning stories inform policymakers and humanitarians, demand accountability and transparency from those meant to help people in need, and provide a platform for conversation and discussion with and among affected and marginalised people.

We’re able to continue doing this thanks to the support of our donors and readers like you who believe in the power of independent journalism. These contributions help keep our journalism free and accessible to all.

Show your support as we build the future of news media by becoming a member of The New Humanitarian. 

Become a member of The New Humanitarian

Support our journalism and become more involved in our community. Help us deliver informative, accessible, independent journalism that you can trust and provides accountability to the millions of people affected by crises worldwide.