Stella Dimoko Korkus.com: Federal Government Borrows $300m From Nigerians In The Diaspora

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Thursday, February 08, 2018

Federal Government Borrows $300m From Nigerians In The Diaspora

The Federal Government borrowed $300m from Nigerians in the Diaspora before it secured the approval of the National Assembly, the Debt Management Office indicated on Wednesday.




The DMO gave this indication in a response to an enquiry by a non-governmental organisation, Social Action Nigeria. Social Action Nigeria had in a letter written to the DMO on November 24, 2017, demanded to know what uses the Federal Government intended to put the $5.5bn it planned to borrow from external creditors as well as the terms of the loans.


In a response signed by the Director-General, DMO, Ms. Patience Oniha, and dated November 29, 2017, the agency explained that the $300m it had borrowed from Nigerians in the Diaspora was part of the $5.5bn approved for borrowing by the National Assembly.

While the approval was given on November 14, 2017, the $300m was raised in June 2017 through the issuance of the Diaspora Bond.


On the conditions for the loans already secured, the DMO said the 10-year $1.5bn Eurobond maturing in 2027 carried an interest rate of 6.5 per cent, while a 30-year $1.5bn Eurobond maturing in 2047 carried an interest rate of 7.625 per cent.

From Punch

5 comments:

  1. This administration's nickname should be "borrower's ". They keep collecting from all even the dead yet nothing seems to be working.

    ReplyDelete
  2. God will deliver us! You can see how they are eating up into the future.
    What amuses me is that they are still borrowing after the millions and billions they said have been collected from looters and the economy is still on a stand still. Hmm...
    Mr. Fowler even said FIRS generated N4 trillion tax revenue in 2017.
    This Government is terrible!!!

    ReplyDelete
  3. This administration will run this country down!! Borrowing upandan to the extent of borrowing from Nigerians in diaspora!! Kai they can even borrow school children's pocket money sef! Odiegwu

    ReplyDelete

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