borrowing

Senate Approves Fresh $1.5B, €995M loans For Buhari

Senate Approves Fresh $1.5B, €995M loans For Buhari

The red chamber of Nigeria’s national assembly yesterday approved fresh external loans of $1.5bn and €995million for the Federal Government.

The Senate gave its approval for the foreign loans after considering the report of its committee on local and foreign debts during Wednesday’s plenary session.

The Chairman of the committee Clifford Ordia also explained to the lawmakers that the panel had considered the loan request and was recommending its approval.

The €995million loan is meant for agricultural mechanization across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic

G20 leaders lay new principles for lending, borrowing

G20 leaders lay new principles for lending, borrowing

G20 Finance leaders on Sunday adopted new principles to ensure countries that lend and borrow for infrastructure spending do so in a sustainable manner.

This is a move seen as addressing concerns that China’s lending practices have saddled some emerging nations with huge debt.

The principles, signed off by the Group of 20 finance leaders who gathered in the southern Japan city of Fukuoka, called for securing transparency and responsible, sustainable financing for infrastructure projects.

“We stress the importance of maximizing the positive impact of infrastructure to achieve sustainable growth and development while preserving the sustainability of public finances,” the …

IMF cautions Nigeria against borrowing from China

The International Monetary Fund (IMF) has warned Nigeria and other emerging market countries taking excessive loans from China to consider the terms of such facilities, especially, their compliance with the Paris Club arrangements.

Speaking on Wednesday at the ongoing IMF/World Bank Spring Meetings in United States of America, Director, IMF Monetary and Capital Markets Department, Tobias Andrian, said that there was nothing bad in borrowing from China, except that the terms of such loans are always questionable.

He said: “Loans from China are good, but the countries should consider the terms of the loans. And we urge countries that when …

Senate okays ₦1.64tr borrowing plan

The Senate on Tuesday adopted the N1.64 trillion proposed by the Executive for new borrowing to fund this year’s budget deficit.

The upper chamber also approved the proposed N500 billion special social intervention funds.

The adoptions were parts of the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) passed Tuesday by the upper chamber.

Jubril (President Muhammadu Buhari) sent the MTEF/FSP to the National Assembly on November 6, last year, for consideration and approval.

The passage of the MTEF/FSP came as the Senate is set to receive the report of the 2019 budget from its Appropriation Committee.