Why President Buhari asked for N2.343trn loan –DMO

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By Henry Okonkwo
The Debt Management Office has clarified President Muhammadu Buhari’s request for National Assembly’s approval to allow government source for N2.343trn.
DMO made this clarification in a statement via the agency’s social media account on Tuesday.
It explained that the N2.343trn is not an abrupt loan, rather a new capital raising move already earmarked in the 2021 Appropriation Act.
The statement read, “His Excellency Mohammadu Buhari has recently written a letter to NASS requesting for the approval, by resolution of N2.343trn 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 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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