Tag: Loan
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MSMEs loan accessibility: Osinbajo signs 2 bills into law
Acting President, Prof. Yemi Osinbajo has signed into law two bills that would facilitate access to more affordable credit for Nigerians. The laws are: the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017. The Collateral Registry Act ensures that Micro, Small and Medium Enterprises…
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Buhari’s $5.815bn Chinese loan faces hurdles in Senate
President Muhammadu Buhari’s request for the National Assembly’s endorsement of a $5.815 billion loan suffered a temporary setback yesterday at the Senate. The Federal Government planned to raise the loan from the China Exim Bank to modernise Lagos-Kano, Kano-Kaduna, Lagos-Ibadan and Lagos-Calabar rail lines. Following a motion by Senator Enyinnaya Abaribe (Abia South), the Senate…
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Again, Buhari writes NASS, seeks approval to borrow fresh $5.851bn loan
President Muhammadu Buhari on Wednesday wrote to the National Assembly, seeking approval to borrow a fresh $5.851bn foreign loan for the upgrade of various sections of the Nigerian railway. This was contained in a letter to the leadership of the National Assembly, Senator Bukola Saraki and Yakubu Dogara and obtained exclusively by TheNewsGuru.com. In the…
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N510bn bailout loan: We have nothing to hide- States
The Federal Government’s decision to audit utilisation of N510 billion stimulus package disbursed to states in 2016 has received the backing of commissioners for finance from the 36 states of the federation. The endorsement was confirmed on Monday in Abuja by the Chairman, Forum of Finance Commissioners of the Federation Account Allocation Committee, Mr Mahmoud…
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N/Assembly approves Buhari’s N2.3tr loan
The National Assembly has passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 – 2019 and approved President Muhammadu Buhari’s borrowing plan of N2.3 trillion. The passage of the fiscal document came three months after President Buhari’s letter on it was read on the floor. The letter was read on…
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Senate’s rejection of $30bn loan won’t affect implementation of 2017 budget
The Presidency on Wednesday affirmed that the rejection of the proposed $29.96bn loan of President Buhari by the Senate would not affect the implementation of the 2017 budget. This was made known by the Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang in Abuja. Recall that President Buhari’s request for…
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FG not sourcing loan from IMF – Official
The Ministry of Budget and National Planning has explained that the Federal Government is not sourcing any loan from the International Monetary Fund (IMF). The Minister of Budget and National Planning’s Media Adviser, James Akpandem, made the clarification on Friday in Abuja. Akpandem said that the minister, Mr Udoma Udo Udoma, did not mention turning…
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Buhari needs $30bn loan to get Nigeria going again -Oyegun
National Chairman of the All Progressives Congress, Chief John Odigie-Oyegun, yesterday said President Muhammadu Buhari-led administration needed to borrow in order to invest in infrastructure and grow the economy. This was contained in a statement issued from his office in Abuja and circulated to journalists. Odigie-Oyegun dexplained, “If you read the newspapers, you hear the…