FEATURED
Buhari’s $6.18bn Loan Approved By NASS Not New – Debt Management Office
The Debt Management Office has said that the request by President Muhammadu Buhari for the approval of N2.34trn, equivalent to $6.18bn is not new as it was part of the external borrowing captured in the N13.59trn 2021 budget.
This is contained in a statement, clarifying a letter read at the National Assembly on Tuesday requesting the Senate to approve N2.34trn loan, read by the President of the Senate, Ahmed Lawan, during the plenary.
DMO said, “President Muhammadu Buhari, has recently written a letter to the National Assembly (NASS) requesting for the approval, by resolution of N2.343trillion new external capital raising.
“The proposed new capital raising, is the New External Borrowing provided for in the 2021 Appropriation Act.”
DMO further explained that Buhari had signed the 2021 Appropriation Bill which included new domestic and new external borrowing into law after the approval of the National Assembly.
The $2.34trn was part of the borrowing, according to the DMO.
It added, “The new capital raising has already been approved and is now being presented to NASS in order to fulfil the provisions of Sections 21 and 27 of the Debt Management Office (Establishment, Etc.) Act, 2003.
“The proceeds are to be deployed to capital projects in various sectors of the economy including power, transport, agriculture and rural development, education, health and water resources that are included in the 2021 Appropriation Act.”
The new loan according to Buhari’s letter would enable government to ensure “employment generation and poverty reduction, as well as protection the most vulnerable and very poor segments of the Nigerian Society.”
VON reports that funding for the loan is to be sourced from international financial institutions such as the World Bank, African Development Bank, French Development Ban and China EXIMBank.
Others are Islamic Development Bank and the International Fund for Agricultural Development (IFAD)
Drug Abuse Driving Kidnapping, Insecurity, Social Decay — Muhammad Bande
ADC Urges FG to Intensify Rescue Efforts for Kidnap Victims in Borno, Kwara
Physiotherapist Dies at Umahi’s Ebonyi Residence as Minister Calls for Autopsy
Oriire Rescue Proves Criminals Can Be Defeated With Political Will, Says Gbenga Hashim
NAF Says Airstrikes Neutralise Scores of Terrorists, Destroy Enclave in Borno
Airport Dispute: Keyamo Demands Obi’s Apology, Payment of N25,000 Fine Within 7 Days
How We Disrupted Terrorist Networks in Oriire and Rescued 44 Kidnapped Victims — Army
Peter Obi Hails Rescue of Abducted Schoolchildren, Demands Stronger Security Measures
Oriire Abduction: Tinubu Commends Rescue, Pledges Justice for Victims, Fallen Teacher
Emevor Assault: Isoko North Chair Backs Police Arrest, Prosecution of Community Leaders
Makinde Links Oyo School Abduction to Hours After 2027 Presidential Declaration
Dafinone Allegedly Worked Against Ethiope State, Rooted for Anioma – Committee Claims
Senator Joel-Onowakpo Thanks President Tinubu Over Assent to Federal Medical Centre Act, Oleh
BREAKING: Kidnapped Oyo Pupils, Teachers Regain Freedom After 56 Days in Captivity
