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Confused Buhari Seeks Debt Relief While Seeking to Borrow Another $6.1Bn 0 likes 0 comments   President Muhammadu Buhari on Tuesday in Paris, France, called on European countries and global financial institutions to consider debt relief for African countries. He said this would assist in reducing the devastating effect of the Coronavirus pandemic on the countries. The proposition by President Muhammadu Buhari seems rather ironic as the President has written to the Senate to app...

The DMO says the $6 billion (N2.34 trillion) loan request of President Muhammadu Buhari is not new and has been captured in the 2021 budget.

Views: 162 The Senate on Tuesday received a request from President Muhammadu Buhari to raise the sum of N2,343,387,942,848 from multilateral and bilateral lenders, as well as the International Capital Market (ICM) through the issuance of Eurobonds.  The amount which is equivalent to USD$6, 183,081,643.40 at the Budget Exchange Rate of USD$1/N379, is captured as New External Borrowing in the 2021 Appropriation Act (Item No.330), and meant to part-finance this year’s Budget Deficit of N5.602 trillion.  The request was contained in a letter addressed to the Senate President, Ahmad Lawan, and...