In Nigeria, the Federal Government is currently seeking approval from legislators to borrow $1.5 billion from foreign lenders to finance projects in various states of the country, Acting President, Yemi Osinbajo (photo), revealed in a letter on Tuesday.

According to the letter, Osinbajo demanded that external borrowings for infrastructure projects in some states of the nation be set aside for quick consideration. “The request for the separation of the state projects became imperative in view of the current economic reality in the country and the pressing need of these states to provide infrastructural and social amenities for their citizens,” he said in the letter.

Nigeria, Africa’s second largest economy is currently in its first recession in 25 years, driven by low prices of oil from which it gets two-thirds of its revenues. The decision to borrow from foreign lenders comes while the country’s debt rose to N19.15 trillion ($62.91 billion) at March 2017, against N17.36 trillion ($22bln) at the end of last year.

Anita Fatunji