The Nigerian Government had debunked news of hiring a consultant to take care of the loans the House of Assembly approved for FG to borrow. In a series of tweets they made things clearer

Government of Nigeria
@NigeriaGov
CLARIFICATION

Reports making the rounds that a portion of the loans recently approved by
@nassnigeria
will be paid to consultants are false in their entirety

The Nigerian Govt negotiates directly with the bilateral & multilateral lenders involved;there are no middlemen

Thread

6:56 PM · Mar 11, 2020·Twitter for iPhone
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Government of Nigeria
@NigeriaGov
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6m
Replying to
@NigeriaGov
The general public is invited to note the following:

The planned borrowings will be from multilateral and bilateral lenders. They are concessional / semi-concessional, long-tenored and are for the purpose of financing infrastructure and other developmental social projects…
Government of Nigeria
@NigeriaGov
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5m
… all of which have long-term multiplier effects in terms of job creation, business opportunities and overall increase in Nigeria’s Gross Domestic Product.
Government of Nigeria
@NigeriaGov
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5m
The New Borrowing is consistent with the subsisting Debt Management Strategy which seeks to replace short term high-interest cost domestic debt with low-interest long-term external debt and is one of the measures that is being implemented to moderate the level of Debt Service.
Government of Nigeria
@NigeriaGov
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4m
The achievements in this regard are evidenced in the declining share of Domestic Debt in the Total Public Debt from over 83% in December 2015 to about 68% in June 2019.
Government of Nigeria
@NigeriaGov
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3m
It bears repeating that many of the projects in the approved Borrowing Plan are for the development of infrastructure in the areas of roads, railways, waterways and power which will help to unleash the potentials of the Nigerian economy.
Government of Nigeria
@NigeriaGov
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2m
Other loans such as those for the educational sector will contribute to the development of Nigeria’s human capital, while Agriculture loans will be used to diversify the economy. There‘ll also be funding for Development Finance Institutions to enhance access to finance for MSMEs.