Home Business BREAKING: FG To Spend N2.34trn Loan On Capital Projects, Says DMO

BREAKING: FG To Spend N2.34trn Loan On Capital Projects, Says DMO

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The Debt Management Office (DMO) has disclosed that the proposed N2.34trillion foreign borrowing by the Federal Government will be deployed on capital projects in various sectors of the nation’s economy.

The sectors are power, transport, agriculture and rural development, education, health and water resources included in the 2021 Appropriation Act.

DMO in a circular titled, “ clarification on Mr. president’s request for NASS’S resolution for N2.34trillion new capital raising,” on Tuesday said, President Muhammdu Buhari had recently written a letter to the National assembly, requesting for the approval, by resolution of N2.343trillion new external capital raising.

According to DMO, “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 NASS

“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.”

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