Acting President Yemi Osinbajo on Tuesday asked the Senate to approve $1.5bn loan, which is part of the 2016-2018 External Borrowing Plan of the Federal Government. The loan is meant for projects in 10 states. Osinbajo request to the upper chamber was made known by Senate President, Bukola Saraki, in a letter he read on […]
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Acting President, Prof. Yemi Osinbajo, has requested approval of the House of Representatives for fresh $1.28bn and €9m loans under the 2016-2018 External Borrowing (Rolling) Plans of the Federal Government. A letter he wrote to the House of Representatives on the matter was read to members by the Speaker, Mr. Yakubu Dogara, on Tuesday in […]
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A digital payment service provider, Cellulant, said that it had arranged a consortium of financial sector actors that had agreed to offer $100m to small-scale farmers as micro loans. The firm said this was in furtherance of the Growth Enhancement Scheme of the Federal Government. It said, “In 2017, private sectors and financial partners will […]
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Nigeria is conversation with the World Bank and African Development Bank for $3bn loans before it determines how much it will raise from Eurobonds to help fund this year’s budget. “From the World Bank, we are hoping to get $2bn,” the Minister of State for Budget and National Planning, Zainab Ahmed, said in an interview on […]
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The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the inability of the Federal Government to generate enough revenue to meet its obligations had left it with no other choice than to turn to international financial institutions for loans to finance critical infrastructure projects. She said that with a huge monthly personnel expenditure […]
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Economic and financial experts have advised President Muhammadu Buhari to exercise caution over his administration’s plan to borrow $29.96bn from external sources. Detailed report according to correspondent satated, the opposition Peoples Democratic Party called on Nigerians to stop Buhari from borrowing the amount and moving N180bn appropriated for special intervention to fund critical recurrent and capital […]
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President Muhammadu Buhari has asked the National Assembly to approve his administration’s external borrowing plan of $29.96bn amid recession for the execution of key programmes and infrastructural projects across the country. According to correspondent, the sum, if approved, will be spent on projects in this year’s budget and up till 2018. The President also sought […]
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The African Development Bank (AfDB) has approved $300 million and $50 million trade finance loans to First Bank of Nigeria and FSDH Merchant Bank Nigeria to support local enterprises involved in import-export activity. The AfDB disclosed this in its monthly newsletter signed by the Nigeria Country Field Office, on Wednesday in Abuja. The publication stated […]
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The Central Bank of Nigeria has provided a loan to Skye Bank Plc to boost its liquidity after the lender breached requirements on capital and lending. The short-term lending facility will allow new management to “ensure that some withdrawals it suffered in the wake of the undue panic of last week do not adversely affect […]
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[su_dropcap]P[/su_dropcap]resident Muhammadu Buhari will sign a loan deal with China during a visit next week as the Federal Government seeks funds to finance the over N2tn budget deficit This is expected to help the government to finance badly-needed infrastructure projects. Speaking to Reuters, the Special Adviser to the President on Media, Mr. Femi Adesina, said, […]
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It was recently reported that Nigeria is seeking for an “emergency loan” of $3.5b to help finance the 2016 Budget. According to the Financial Times, Nigeria is seeking funding of $2.5b and $1b World Bank and Africa Development Bank (ADB) respectively. The medium quoted the Minister of Finance Kemi Adeosun: I’m getting sub 3 per […]
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The Federal Government has asked the African Development Bank for a $1bn (N199bn) loan to help fund an increased budget deficit, the bank said on Tuesday. The AfDB, according to Reuters, stated that it was considering the loan to the continent’s largest economy and oil producer, where the drop in crude prices has hit growth, […]
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