Tag: External Loan
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Again Buhari seeks Senate approval to increase Nigeria debt stock by $6.183bn external loan
President Muhammadu Buhari has sought the approval of the Senate for an external loan of 6.183 billion dollars, to fund the deficit of N5.602triillon in 2021 Appropriation Act. This is contained in a letter addressed to the President of Senate, Dr Ahmad Lawan and read at plenary on Tuesday. Buhari said the request was in…
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BREAKING: Senate approves fresh $1.5bn, €995m external loans for FG
The Senate has approved the sums of $1.5 billion and €995 million external loans for the Federal and State Governments. The Red Chambers gave the approval after considering the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government. Chairman of the Committee, Clifford Ordia, told the…
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Nigeria Suspends borrowing $22.7bn external loan, Finance Minister gives reasons
As the global economy continues to feel the effects of the coronavirus, the federal government has disclosed its plans to suspend the proposed borrowing $22.7 billion from external sources by President Muhammadu Buhari. Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, made this announcement on Monday during this year’s International Conference on the…
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Mounting debt profile: FG snobs IMF’s warning, seeks fresh $247.3m external loan
The Federal Government on Wednesday finalised plans to request another fresh external loan of $247.3m despite mounting debt profile and initial warning by the International Monetary Fund (IMF) for the country’s leaders to avoid borrowing for now if possible. TheNewsGuru (TNG) reports that the country’s current debt stood at N24.38tn. The Federal Executive Council made…