• Lagos lawmakers okay FG’s request to borrow $29.9bn

    Lagos lawmakers okay FG’s request to borrow $29.9bn

    Some Lagos State lawmakers on Wednesday supported President Muhammadu Buhari’s bid to seek external loan of $29.9bn to provide infrastructure to revamp the economy.

    The lawmakers, in separate interviews, said that the step was necessary to bring the country out of recession.

    They said that infrastructure development will attract local and foreign investment needed for economic growth.

    The Chairman of the House Committee on Physical Planning and Urban Development, Mr. David Setonji, said that loan was good for any business or country as […]

  • 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 […]

  • $29.9bn: Why we must borrow but avoid pain for Nigerians – Rep

    $29.9bn: Why we must borrow but avoid pain for Nigerians – Rep

    House of Representatives member representing Akoko-Edo at the National Assembly, Hon Peter Akpatason, on Tuesday backed the federal government decision to borrow $29.9 billion to jump-start and pulled the country out of the current recession.

    The lawmaker who spoke to journalists in Benin City, the Edo State capital, while noting such borrowing must be channelled to capital development however explained that the rejection by the senate to throw away the request was to give ample opportunity to the executive to properly […]

  • Falana faults FG plan to borrow $29.9bn

    Falana faults FG plan to borrow $29.9bn

    Femi Falana, human rights activist and Senior Advocate of Nigeria (SAN), has called on the federal government to drop its plan to borrow $29.960 billion to execute key projects across the country.

    The soft-spoken lawyer said the government would be putting the collective destiny of the younger generation in jeopardy should it go ahead with the controversial decision.

    President Muhammadu Buhari recently asked the approval of the National Assembly to borrow the said loan from the World Bank.

    Falana, while speaking at the […]

  • 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 […]

  • PDP kicks against FG’s plan to borrow $29.960bn

    PDP kicks against FG’s plan to borrow $29.960bn

    According to reports, the Peoples Democratic Party (PDP)  has opposed plans by the Federal Government to borrow $29.960 billion.

    The party said government should first of all, explain to Nigerians what it has done with funds purportedly recovered from allegedly corrupt past government officials.

    The PDP  said this in a statement issued yesterday night by National Publicity Secretary, Prince Dayo Adeyeye.

    The party was reacting to letters written by President Muhammadu Buhari to the National Assembly seeking authorisation to borrow  $29.960 billion and  […]

  • 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 […]

  • Nigeria, others can borrow at zero interest – IMF

    Nigeria, others can borrow at zero interest – IMF

    According to reports, the Executive Board of the International Monetary Fund (IMF), has approved a modification in the mechanism governing interest rate, setting of Poverty Reduction and Growth Trust (PRGT) facilities and set the interest rates to zero on all its concessional loans under the PRGT for Nigeria and other Low Income Countries (LICs) over the next two years ending December 2018.

    This means that Nigeria can now borrow at zero interest rate to support its social safety net and poverty […]

  • CBN to borrow N129.6Bn on Wednesday through treasury bills

    CBN to borrow N129.6Bn on Wednesday through treasury bills

    The Central Bank of Nigeria is set to borrow about N129.67bn ($403.01m) in short-dated Treasury bills at an auction on Wednesday.

    The Apex bank said it would raise N28bn in three-month paper, N33.49bn in six-month bills and N68.18bn in one-year bills.

    Payment for the purchases will be made on Thursday, a public notice by the Lender stated.

    The Federal Government issues Treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.

    The nation’s interbank lending rates […]

  • Nigeria should borrow, spend less, earn more to exit recession, says Obasanjo

    Nigeria should borrow, spend less, earn more to exit recession, says Obasanjo

    Former President Olusegun Obasanjo on Tuesday stressed the need for Nigeria to borrow, spend less and earn more to get out of the current economic recession.

    Obasanjo said this in Abeokuta at the opening ceremony of the National Council On Finance and Economic Development Conference (NACOFED). The theme of the conference is “Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure”.

    According to Obasanjo, the major problem with Nigeria is that “we are spending more than we are earning and […]

  • I will no longer borrow to pay salaries – Governor Sani Bello

    I will no longer borrow to pay salaries – Governor Sani Bello

    The Niger State Government has said it will no longer borrow money to pay salaries of its workforce.

    The government also urged the state civil servants to be prudent in resource management.

    The State Governor, Mr Abubakar Sani Bello, made the declaration at a stakeholders meeting held at the Government House, Minna.

    He further stated that some issues in the state were crucial and needed to be treated and explained that one of the major sources of revenue for the state is the […]