FG Secures Over \$10bn External Loans in Two Years

By Diafa Doubra,

The Federal Government has revealed that it has secured more than $10 billion in external loans over the past two years to support critical sectors of the economy.

According to officials, the loans were targeted at infrastructure, power, transportation, and social investment programmes aimed at boosting growth and easing the financial pressures facing the country. Government representatives explained that borrowing had become necessary given declining oil revenues, foreign exchange volatility, and rising budgetary demands.

They assured Nigerians that the funds would be channeled into projects that have direct impact on citizens, while insisting that the debt remains within sustainable levels. However, critics have raised concerns about the rising debt profile, warning that future generations may bear the burden if the loans are not properly managed.

The government, in response, maintained that with stronger fiscal discipline and improved revenue generation, Nigeria would comfortably service its obligations while reaping the benefits of ongoing projects.