FG borrows $300m from Nigerians abroad

0
282


Everest Amaefule, Abuja

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…



Read More…..Punch Newspapers