While Nigeria’s rising indebtedness is generating ripples as to the sustainability and the interest element, the Federal Government has given details of some of the foreign loans it has raised in the last two years, expended on programmes rather than development projects, EVEREST AMAEFULE writes
The Federal Government obtained about $4.8bn from various foreign sources in the last two years, The PUNCH has learnt. The loans were expended on various programmes.
The Economic Governance, Diversification and Competitiveness Support Programme was the highest single financing item on which the government expended $600m of the borrowed funds from external sources in the last two years.
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