According to reports by The PUNCH, Nigeria spent $1. 79bn in five years on servicing the debts in which $1. 19bn was paid to the World Bank while a total of $591. 11m was paid to the Exim Bank of China, for projects for which the loans were taken.
It was also clearly stated that the foreign loans President Buhari took from world bank and China can be accounted for today, as they were tied to different projects across Nigeria.
Most of the projects according to reports are listed below.
- Nigeria Communication Satellite Project
Nigeria National Public Security Communication System Project.
Nigeria Railway Modernisation Project (Idu- Kaduna Section)
Nigeria Railway Modernisation Project (Lagos- Ibadan Section).
Nigeria Abuja Light Rail Project, Nigeria ICT Infrastructure Backbone Project.
Nigeria Four Airport Terminals Expansion Project
Nigerian Zungeru Hydroelectric Project, Nigerian Rehabilitation, and the upgrading of Abuja- Keffi- Makurdi Road Project andany more.
See Reactions As Nigerians Praise President Buhari
@Imran Abdullahi said, ” Some gentle men may not take this as a worth of praise or achievement but I believe responsible fellow will understand the value of this. there is no countries that doesn’ t have debt servicing. As usual, they will come after me now. ”
@Usman Usman said, ” For avoidance of doubt, GEJ inherited $35b debt from Yaradua
and handed over $63. 8b debt to PMB. He borrowed a total of $28. 8b for the duration of the 5yrs and 3months he spent in Aso Rock as our President. Our current debt profile is $86. 4b, which invariably means that PMB has borrowed $22. 6b.
” All the money borrowed can be seen where they are tied to projects scattered all over the country, can we say the same about the ones borrowed by past thenadministration? The funny thing is that due to the noise generated by the wailers and the opposition, some people are erroneously believing that the current administration has borrowed more money than all the previous administration combined. ”
@Frank Chukwuka said, ” 1. 79 billion dollars too small to service debts. . Nigeria should borrow more so that the amount spent on debt servicing would increase astronomically. Buhari is doing very well. Sai Bubu till 2080. ”