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Director-General of Aids, Loans and Debt Management (DMO), Ms Patricia Oniha on Monday disclosed Federal Government’s plans to source for alternative ....
Confused Buhari Seeks Debt Relief While Seeking to Borrow Another $6.1Bn 0 likes 0 comments
President Muhammadu Buhari on Tuesday in Paris, France, called on European countries and global financial institutions to consider debt relief for African countries. He said this would assist in reducing the devastating effect of the Coronavirus pandemic on the countries. The proposition by President Muhammadu Buhari seems rather ironic as the President has written to the Senate to approve the borrowing another $6.1billion from bilateral and multilateral organisations to fund the deficit in the 2021 budget. The President of the Senate, Ahmad Lawan, read the letter during the plenary session of the upper legislative chamber on Tuesday. ....
Views: 162 The Senate on Tuesday received a request from President Muhammadu Buhari to raise the sum of N2,343,387,942,848 from multilateral and bilateral lenders, as well as the International Capital Market (ICM) through the issuance of Eurobonds. The amount which is equivalent to USD$6, 183,081,643.40 at the Budget Exchange Rate of USD$1/N379, is captured as New External Borrowing in the 2021 Appropriation Act (Item No.330), and meant to part-finance this year’s Budget Deficit of N5.602 trillion. The request was contained in a letter addressed to the Senate President, Ahmad Lawan, and read during plenary. According to the President, the request was made in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003. ....