Senate approves Buhari's request to borrow $5.5bn

Share
Senate approves Buhari's request to borrow $5.5bn

The Senate on Tuesday gave approval for the federal government to secure two external borrowings totalling $5.5 billion and which will allow the government to pay down the equivalent of $3 billion dollars in domestic debt.

The president had in a letter on October 10, requested the upper chamber to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the global market.

The $5.5 billion is to be used for refinancing of maturing domestic debt obligations of $3 billion, while $2.5 billion is for the financing of the 2017 Appropriation Act. He added that the $2.5 billion will create more borrowing space for the private sector. "And that the projects, when completed, will create jobs through a chain of economic activities". He said the government will also reduce the nation's debt burden when it refinances local debts with funds sourced from foreign financial institutions.

"The Mamblilla hydro power project which has always been abandoned when completed will add substantially to the national grids thus improve power output of the country".

He said, "This Senate will continue to partner with the Federal Government in matters that concern the ordinary people of Nigeria".

Ekweremadu said: "The implementation of the 2017 budget is key". His letter read in part " The Senate may wish to know that the proceeds of the proposed issuance of Eurobonds and and Diaspora bonds in the ICM will be used to finance the deficit of the 2017 appropriation act and provide funding for capital projects in the budget.

Share

Advertisement

Related Posts

Stock On Top of Chikou Switzerland Index MSCI Ishares (EWL) — Momentum Focus
The RSI, or Relative Strength Index, is a commonly used technical momentum indicator that compares price movement over time. The indicator is non-directional meaning that it gauges trend strength whether the stock price is trending higher or lower.

Whitefish Energy Holdings continues to create controversy
They have more questions about the contract, but they initially believed it complied with regulations. Other linemen are making $42 an hour plus overtime and some are earning up to $100 of double time .

Syrian market airstrikes: Death toll rises to 61
Russia, a key ally of Syria's President Bashar al-Assad, began a bombing campaign in support of his government in 2015. More than 60 people were also injured in the airstrikes, Al-Khatib said, adding that he fears the death toll may rise.

Two arrested on suspicion of murdering missing teenager
Gaia was last seen by family friend Rosemary Dinch at an address in Manor Gardens, Morrison Road, Swanage at about 16:00 GMT. Describing her disappearance as "completely out of character", police now believe "she may have come to harm".

Coca-Cola called a core holding by Wells, alcohol next?
Qualcomm Inc. (NASDAQ: QCOM) was reiterated as Outperform and the price target was raised to $77 from $70 at RBC Capital Markets. It is positive, as 12 investors sold CVGI shares while 23 reduced holdings. 123 funds opened positions while 504 raised stakes.

Pandya rested for first two Tests against Sri Lanka
Actually, rest means I'm going to train in the gym and improve my fitness and again come back properly fit. Mumbai Indians, owned by Reliance Industries Limited, is the most successful team in the IPL.

Lenovo intros Moto Tab for AT&T with dual speakers
Lenovo today announced it's first Moto-branded tablet Moto Tab , an everyday, versatile tablet designed for the entertainment. A lot has happened to the company since then, including changing owners twice.

Sun Pharma Q2 net plunges 59% at Rs 912 cr
Active Pharmaceutical Ingredients (API) business largely meant for captive consumption rose 6 percent to Rs 388 crores. However, the profit exceeded analysts' expectations of 8.27 billion rupees on back of a sharp cut in tax expenses.

Pokémon Go reveals tie-in to upcoming Ultra Sun and Moon
The game is one of the most anticipated games of Holiday 2017 for 3DS, according to the Nielsen Media Research report. Pokemon Ultra Sun and Pokemon Ultra Moon will launch worldwide for 3DS on November 17.

Hills couple requests shelter donations in memory of world record cats
They also had another feline named Sirrius who did not hold any world records, but did hold a place in the couple's hearts. Once they stabilize it, they will be able to determine the cause of the fire and if the cats made it out or not.

© 2015 ExpressNewsline. All Rights reserved.