N2.343trn New Borrowing Request Captured In 2021 Budget — DMO

The Debt Management Office (DMO) said President Muhammadu
Buhari’s request for N2.343 trillion new borrowing was already
captured in the 2021 budget

The DMO made the clarification in tweets on Tuesday following
Buhari’s request to the National Assembly to approve the new
borrowing to fund critical capital projects in the 2021 budget.

The News Agency of Nigeria (NAN) reports that Senate President
Ahmed Lawal presented Buhari ‘s request to the senators at plenary
on Tuesday.

DMO explained that proceeds of the loan were to be deployed to
capital projects in various sectors of the economy.

“President Muhammadu Buhari has recently written a letter to the
National Assembly requesting for the approval, by resolution of
N2.343 trillion new external capital raising.

“The proposed new capital raising, is the New External Borrowing
already 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 National Assembly (NASS),”
DMO explained.

It added that the presentation to NASS was in fulfilment of an
enabling debt management legislature.

“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.” (NAN)

The Debt Management Office (DMO) said President Muhammadu
Buhari’s request for N2.343 trillion new borrowing was already
captured in the 2021 budget

The DMO made the clarification in tweets on Tuesday following
Buhari’s request to the National Assembly to approve the new
borrowing to fund critical capital projects in the 2021 budget.

The News Agency of Nigeria (NAN) reports that Senate President
Ahmed Lawal presented Buhari ‘s request to the senators at plenary
on Tuesday.

DMO explained that proceeds of the loan were to be deployed to
capital projects in various sectors of the economy.

“President Muhammadu Buhari has recently written a letter to the
National Assembly requesting for the approval, by resolution of
N2.343 trillion new external capital raising.

“The proposed new capital raising, is the New External Borrowing
already 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 National Assembly (NASS),”
DMO explained.

It added that the presentation to NASS was in fulfilment of an
enabling debt management legislature.

“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.” (NAN)