Nigeria
Nigeria is sinking deeper into debt.
Nigerian President Muhammadu Buhari presented the 2021 budget to the National Assembly on Thursday.
He announced that it would be funded by fresh borrowings worth 4.3 trillion nairas, which is a third of the total budget of almost 13 trillion nairas.
That's 33.2 billion American dollars.
The president said that 420 Billion have been earmarked for the Social Investment Programmes, while 20 Billion will go to the Social Housing Programmes.
In August, the Debt Management Office said that total loans by the Chinese government and affiliate agencies to Nigeria was over 3 billion dollars.
In total, Nigeria’s public debt was of $79.3 billion dollars at the end of March.
The country's debt has risen by over 158% in the last five years.
02:20
Nollywood Week Film Festival gets underway in Paris
01:05
Nigeria: Govt workers salaries increased by up to 35 percent
Go to video
Nigerians pick sides as Wizkid and Davido clash online
02:14
Malaria: The plight of residents of low-income neighbourhoods
01:50
Guinness World Record: Chess champion returns home to Lagos
Go to video
Chinese supermarket in Abuja shut for allegedly barring Nigerians