• Why we opposed FG’s plan to borrow $29.96bn – NLC explains

    Why we opposed FG’s plan to borrow $29.96bn – NLC explains

    According to reports, the Nigeria Labour Congress (NLC) said it will not support the plan by the Federal Government to borrow more money from anywhere as the country obviously has enough burden to contend with.

    The government plans to borrow $29.96billion externally.

    The NLC at its National Executive Council (NEC) meeting at the weekend in Sokoto if the government vigorously pursues those in possession of the nation’s collective wealth, especially multinationals who have refused to remit funds meant for the country, it […]

  • We’re consulting on Buhari’s $29.96bn loan request – Reps

    We’re consulting on Buhari’s $29.96bn loan request – Reps

    Chairman of the House of Representatives Committee on Media and Publicity, Abdulrazak Namdas, has denied that the House is hesitant on considering President Muhammadu Buhari’s request for approval of $29.96 billion 2016-2018 external borrowing (rolling) plan.

    He told newsmen that the House will take action only when it has concluded consultations on the President’s letter.

    Namdas had told National Assembly correspondent on September 3 that the House was still consulting on the matter.

    He said: “The last time, I told you that we’re […]

  • We’ll provide details of $29.96bn loan soon, says Presidency

    We’ll provide details of $29.96bn loan soon, says Presidency

    According to reports, the Presidency on Tuesday reacted to the rejection of the $29.96 billion loan application by President Muhammadu Byhari by the Senate.

    The Presidency said the details of the loan will be provided to the National Assembly very soon.

    The Senior Special Assistant (Senate) to the President on National Assembly Matters, Senator Ita Enang, told the newsmen that details of the borrowing plan will be made available to National Assembly very soon.

    It was gathered that the Senate rejected the request […]

  • Absence of auditor-general may stall FG’s bid to borrow $29.96bn

    Absence of auditor-general may stall FG’s bid to borrow $29.96bn

    According to reports, the Federal Government’s plan to borrow $29.960 billion from external sources may be stalled by some institutional lapses, it was learnt yesterday.

    In an interview with some senators, particularly on the Senate Committee on Appropriation, it was learnt that such a request for loans and grants from external sources requires accompanying documents, which only a substantive auditor- general of the federation could approve.

    The lawmakers said standards set by global financial institutions like the World Bank, the International Monetary […]

  • How we will spend $29.96bn loan – Adeosun explains

    How we will spend $29.96bn loan – Adeosun explains

    According to reports, the Federal Government says that within the next three years, it plans to borrow $29.96bn from the World Bank, African Development Bank, and Japan International Co-operation Agency.

    The other international financial agencies it plans to borrow the money from are Islamic Development Bank and China EximBank.

    The Minister of Finance, Mrs Kemi Adeosun, gave details of the loan in Abuja on Thursday in a statement by her Special Adviser, Mr. Festus Akanbi.

    President Muhammadu Buhari on Tuesday forwarded a request […]

  • Budget: Buhari writes National Assembly to borrow $29.96bn external loan

    Budget: Buhari writes National Assembly to borrow $29.96bn external loan

    President Muhammadu Buhari on Tuesday forwarded a request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018.

    The president also requested for virement of N180.8 billion in the 2016 budget for provision of needed votes for some critical sectors across the 36 states of the federation and the FCT.

    Buhari made the requests in two separate letters to the President of the Senate, Dr Bukola Saraki, and […]