Tag: Borrow
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Oyedepo curses future leader of his church who borrows money
Presiding Bishop, Living Faith Worldwide, David Oyedepo has placed a curse on any future leader of his church who attempts to borrow money on behalf of the church. Oyedepo, in a sermon on Sunday said “imagine if we were a borrowing church, we would have borrowed ourselves out. ”The banks will be at all our…
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2022 Budget: We’ll borrow more to fund N6tn deficit – FG
The Federal Government on Wednesday announced plans to finance the proposed 2022 budget deficit pegged at N6.258 trillion through fresh borrowings. Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during a press conference after the Federal Executive Council (FEC) meeting in Abuja, adding that this will aid the funding of the Federal…
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MTEF: FG To Borrow N5.62trn To Finance Deficit In 2022 Budget
…Capital Expenditure Reduced By N259.315bn In 2022 … Exchange Rate Pegged At N410:15/$1US By Emman Ovuakporie The Federal Government has submitted a proposal to borrow the sum of N5.62 trillion to finance budget deficits in the 2022 financial year. The FG also disclosed that it will be cutting down capital expenditure in 2022 by N259.315…
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Why we are borrowing to acquire 20 percent stake in Dangote Refinery – NNPC
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday explained why the national oil company is purchasing a stake in Dangote oil refinery. The refinery is expected to begin production in 2022 with an installed 650,000 barrels per day capacity. It has been touted as a groundbreaking project for energy…
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Nigeria poor, only option is to borrow – Lawan
President of the Senate, Ahmad Lawan, yesterday, said Nigeria is a poor nation that has no option but borrow to fund infrastructure development. He disclosed this when he visited the Presidential Villa, Abuja, where he met President Muhammadu Buhari behind closed doors. Fielding questions from newsmen after the meeting, Lawan, however, assured that the legislature…
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FG does not understand how technology-start ups make money, only to borrow from CBN – Chidoka
Former Minister of Aviation, Osita Chidoka, on Saturday said the Federal Government does not have a grasp of how technology start-ups make money. Mr Chidoka, who is a member of the opposition Peoples Democratic Party, was speaking at The Platform, a televised event hosted by the Senior Pastor of Covenant Nation, Poju Oyemade and which…
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FG to Borrow N1.003trn from T-Bills Investors in Q4’19
The federal government, through the Central Bank of Nigeria (CBN), is looking to borrow the sum of N1.003 trillion from investors in the treasury bills market in the fourth quarter of 2019. The apex bank, in its Nigerian Treasury Bills Issue Programme for Fourth Quarter 2019 released this week, said it would source for the…
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Mounting debt profile: ‘Nigeria safe to borrow additional N7.9trn’
Analysts at FSDH Research have said Nigeria still has room to borrow an additional N7.89 trillion before reaching a threshold of about N32 trillion. Recall that the Debt Management Office (DMO) during the week announced that Nigeria’s debt stood at N24.4 trillion as at December 31, 2018. The release of the report stirred a hot…
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IMF cautions Nigeria, other countries against borrowing from China
The International Monetary Fund (IMF) has warned Nigeria and other emerging market countries taking loans from China to consider the terms of such facilities, especially their compliance with the Paris Club arrangements. Speaking Wednesday at the ongoing IMF/World Bank Spring Meetings in the United States, Director, IMF Monetary and Capital Markets Department, Tobias Andrian, said…
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FG to borrow N385b from Bond Market in first quarter
The Federal Government plans to borrow between N315 billion and N385 billion worth of bonds from the local market in the first quarter of 2018. This was revealed on Wednesday by the Debt Management Office (DMO) when it released its FGN bonds issuance calendar for the first quarter of this year. The debt office is…