Tag "loan"

    Rail project should run through all 36 states, says Buhari

Rail project should run through all 36 states, says Buhari

President Muhammadu Buhari has ordered the ongoing central rail projects to run through all 36 states of the federation.Chibuike Amaechi, minister of transportation, said this during a meeting on Buhari’s $5.5 billion loan request.Amaechi said the central rail project which runs through the northern and southern part of the country will be completed in June 2018.As part of the project, Amaechi said [...]

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    PDP: Buhari mortgaging future of Nigerian children through ‘incessant’ borrowings

PDP: Buhari mortgaging future of Nigerian children through ‘incessant’ borrowings

The Peoples Democratic Party (PDP) has kicked against President Muhammadu Buhari's plan to obtain $5.5 billion foreign loan.Buhari wrote to the senate on Tuesday, requesting its approval to obtain the loan, part of which he said will be used to fund the 2017 budget.Reacting, the Peoples Democratic Party (PDP) accused the president of mortgaging the future of Nigerian children through [...]

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    Buhari seeks senate approval for $5.5bn loan

Buhari seeks senate approval for $5.5bn loan

President Muhammadu Buhari has asked the senate to approve a loan of $5.5 billion to fund the 2017 budget.Buhari's request was contained in a letter read by Senate President Bukola Saraki on Tuesday.The president also said the 2017 budget had a deficit of N2.356 trillion."Implementation of the external borrowing plan approved in the 2017 appropriation Act. External borrowing to refinance maturing [...]

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    Osinbajo seeks n’assmebly approval for $1.5bn loan

Osinbajo seeks n’assmebly approval for $1.5bn loan

Acting President Yemi Osinbajo has asked the national assembly to approve $1.5 billion loan for 12 states.The states are Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.The loan is part of the 2016-2018 external borrowing plan.In letters read in both chambers of the national assembly, Osinbajo said the approval of the loan would help the states meet [...]

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    World Bank ‘agrees’ to give Nigeria $2.5bn loan

World Bank ‘agrees’ to give Nigeria $2.5bn loan

The International Bank for Reconstruction and Development, better known as the World Bank has agreed to give Nigeria $2.5bn loan.One of the conditions for the release of the initial tranche of $1.5bn is a reform of Nigeria's Forex market.Business Day, a leading newspaper, tweeted this on Wednesday.https://twitter.com/BusinessDayNg/status/831800660941217793Since January 2016, the federal government has been in talks with the bank on [...]

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    Ameachi: China’s $1.5bn loan ready — but we need national assembly approval to borrow

Ameachi: China’s $1.5bn loan ready — but we need national assembly approval to borrow

Rotimi Amaechi, the minister of transportation, has urged the national assembly to approve the federal government’s borrowing plan so as to begin the construction of rail projects in the country.The minister said the China Exim Bank was ready to loan $1.5bn to Nigeria for the Lagos-Ibadan rail line but approval was needed before the agreement can be signed.Amaechi made this known on Tuesday [...]

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    Rejection of Buhari’s loan not personal, says Saraki

Rejection of Buhari’s loan not personal, says Saraki

Senate President Bukola Saraki says the senate’s rejection of President Muhammadu Buhari’s foreign loan request is not personal.In October, the president wrote to the senate seeking approval for the borrowing of $29.9bn from external sources.But the upper legislative chamber threw out the proposal without a debate.In a statement issued by Yusuph Olaniyonu, Saraki's media aide, on Thursday, the senate president [...]

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    Saraki: I went to pray at Aso Rock, not to discuss loan rejection

Saraki: I went to pray at Aso Rock, not to discuss loan rejection

Senate President Bukola Saraki has appealed to Nigerians not to read political meanings into President Muhammadu Buhari's request to borrow $30bn from external sources.Speaking with state house correspondents after Jumat prayers, Saraki described the proposal as work in progress, saying that its rejection by the senate was not a reflection of the relationship between the executive and the legislature.On Tuesday, the [...]

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    Repaying $30bn loan won’t be difficult, says FG

Repaying $30bn loan won’t be difficult, says FG

The debt management office (DMO), which is under the finance ministry, says Nigeria will easily repay the loan of $29.9 billion in 30 years if it succeeds in getting it.In a statement on Tuesday, Festus Akanbi, spokesman of the minister of finance, said Abraham Nwankwo, director-general of the DMO, provided clarifications on the proposed foreign loans while speaking on Sunrise [...]

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    Adeosun: No need for IMF loan… We have no balance of payment problem

Adeosun: No need for IMF loan… We have no balance of payment problem

Kemi Adeosun, minister of finance, has revealed why Nigeria is insisting on not taking the International Monetary Fund (IMF) loan, in the face of pressing economic challenges.Adeosun, who spoke to journalists after the G-24 meeting at the IMF Headquarters in Washington, said it was a two-way street discourse that sought to solve mutual and specific problems.“They are hearing from us, what [...]

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    Nigeria close to securing $4bn loan from China, says Kachikwu

Nigeria close to securing $4bn loan from China, says Kachikwu

Emmanuel Kachikwu, minister of state for petroleum resources, says Nigeria is expecting a loan facility of close to $4 billion from China.Speaking with state house correspondents after Wednesday's meeting of the federal executive council, Kachikwu said the loan, which will be used to bolster infrastructure in the oil industry, was one of the results of the July road show in China, where Nigeria signed a [...]

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November 06, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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