Nigeria Newspaper Headlines today, rising debt profile under Buhari’s regime

For Nigeria’s Newspaper Headlines today, the 11th of November, 2021, Nigeria’s debt stock of N35.5tn will rise to N42.7tn following the Senate’s approval of the Federal Government’s request for $16bn and €1.02bn fresh loans.

The $16.2bn loan is equivalent to N6.7tn using the Importers and Exporters’ Window exchange rate of N411.24/$1, while the €1.02bn is equal to N485.5bn using the Central Bank of Nigeria’s exchange rate f N476/ €1. These bring the value of the loans to be acquired to N7.2tn.

The Nigerian Senate had on Wednesday approved the foreign loan plans of the President, Major General Muhammadu Buhari (retd.), in which he sought to borrow the sum of $16.2bn, €1,02bn and a grant component of $125m to fund some “legacy projects.”

The Senate also approved the request of the Bank of Industries for the issuance of €500m, but not more than €750m Eurobond in the international capital market.

Justice Binta Nyako of the Federal High Court sitting in Abuja has adjourned the trial of detained leader of the Indigenous People of Biafra (IPOB) Nnamdi Kanu to January 19, 2022.

The adjournment came after Kanu’s team of lawyers, staged a walk out over the refusal of operatives of the Department of State Services (DSS) to allow some of them access into the courtroom.