Nigeria’s Loan Under APC Govt Unjustifiable, Wike Claims

Rivers State governor, Nyesom Wike has said that he could account for the loan collected under his administration.


But the Peoples’ Democratic Party governor said loans under President Muhammadu Buhari’s All Progressive Congress were overwhelming and unjustifiable.

Wike said this on Friday at the commissioning of a road project at Obio/Akpor Local Government Area of the State.

As at March 31, Rivers State debt stock was N266.93bn, constituting 6.47 per cent of the total domestic debt stock, according to the National Bureau of Statistics.

The country’s States and Federal debt stock data total public debt portfolio stood at N33.11trn ($87.23bn).

For the Federal Government, its domestic debt stock has risen to N16.51tn ($43.51bn), while external debt in the country was N12.47tn ($32.9bn).


But Wike who has been a strong critic of the Buhari’s administration said debts collected in the states can be accounted for.

Wike said, “Here people are no longer accusing us that we are not doing anything. The accusation now is yes, they are doing something, but they are taking loans.

“Before we were not doing, but now they have seen a lot of things that we are doing, they now say that we are taking loans. It is good, we are taking loans as they said and people are seeing what we are doing.

“But their own government is taking loan, have we seen anything? It is better to take loan and do something for your people. Something that people will see with their eyes. Not every time the National Assembly will approve $2bn, $4bn and $10bn at the end of the day is there anything to show?”

The Federal Government has been accused by analyst and Nigerians for its penchant for borrowing.


Under Buhari, the International Monetary Fund had given Nigeria $3.4bn in 2020.

In 2015, the World Bank borrowed Buhari’s government $2.1bn to address the development challenges of Nigeria, including in the North East and the North.

In 2020, $2.2bn loan was approved by World Bank for Nigeria to drive human capital and economic development across the country.

Nigeria currently owes the Export-Import Bank of China $3.3bn.


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