President Muhammadu Buhari
Buhari

Adebayo Obajemu

 

The Debt Management Office (DMO) on Tuesday disclosed on its official website that the proposed new loan of N2.343 trillion by the Federal Government is provided for in the 2021 Appropriation Act.

According to DMO, the proceeds of the loan are to be deployed to capital projects in various sectors of the economy including power, transport, agriculture and rural development, education, health and water resources that are included in the 2021 Appropriation Act.

The Debt Management Office Stated thus:

“His Excellency, President Muhammadu Buhari, has recently written a letter to the National Assembly (NASS) requesting for the approval, by resolution of N2.343 Trillion new external capital raising.

The proposed new capital raising, is the New External Borrowing provided for in the 2021 Appropriation Act.

It will be recalled that the President signed the 2021 Appropriation Bill which included New Domestic and New External Borrowing into law after the approval of the National Assembly.

Accordingly, the new capital raising has already been approved and is now being presented to NASS in order to fulfil the provisions of Sections 21 and 27 of the Debt Management Office (Establishment, Etc.) Act, 2003.

The proceeds are to be deployed to capital projects in various sectors of the economy including power, transport, agriculture and rural development, education, health and water resources that are included in the 2021 Appropriation Act