National Assembly

National Assembly defends Buhari’s $4.9bn loan plan, APC, PDP clash over debt

National Assembly defends Buhari’s $4.9bn loan plan, APC, PDP clash over debt

The Senate on Wednesday justified the President, Major General Muhammadu Buhari  (retd.)’s  plan to obtain $4.054bn and €710m ($$839m)  loans. The Chairman of the Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, who stated this in an interview with one of our correspondents in Abuja, said there was no country that does not engage in deficit financing. Basiru said this as the Director General of the Debt Management Office, Patience Oniha, while giving a  breakdown of the public debt stock for the second quarter of 2021 during a virtual media presentation on Wednesday, said Nigeria’s total public debt…
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Experts, others carpet National Assembly as Buhari plans $4bn, €710m borrowings

Experts, others carpet National Assembly as Buhari plans $4bn, €710m borrowings

Buhari is also seeking the nation’s legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan. These were contained in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officers Messrs Ahmad Lawan and Femi Gbajabiamila (Senate President and Speaker of House of Representatives respectively) on Tuesday. Buhari had on May 18, 2021sought the approval of the Senate to borrow $6.18bn external loan to finance this year’s N5.6trn budget deficit. He had said the proposed loan, which is equivalent of N2.3tn would…
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