Acting President Yemi Osinbajo of Nigeria is seeking the approval of the House of Representatives for the country to borrow $1.28b and €9m, reports have indicated.
Osinbajo is therefore seeking the inclusion of the Development Bank of Nigeria (DBN) and the Fund for Agricultural Finance in Nigeria (FAFIN-II) in the 2016-2018 borrowing plan.

In the letter, Osinbajo said the DBN was omitted in the 2014-2016 external borrowing plan adding that the donors were ready to release funds to the international agency once the National Assembly approved.


For the FAFIN, this international organisation was being supported with a sum of €9 million by the KfW Development Bank of Germany, after it had released €10.5 million in 2013 in the first tranche.

The letter stated: “Mr Speaker may wish to know that the DBN is a multi-donor supported bank approved under the previous administration with financing agreements executed on 25th February 2015.

“However, the facility in the sum of $1.28 billion appeared to be inadvertently omitted in the 2014-2016 external borrowing plan approved by the National Assembly. “In view of the importance attached to these two projects by our administration, it has become imperative to seek for your usual understanding and kind consideration for the inclusion of the DBN and FAFIN-II into the 2016-2018 external borrowing plan as addendum.”

Meanwhile, Acting President Yemi Osinbajo has revealed that one of the top priorities of the current administration remains the fight against corruption. Osinbajo, who spoke on Tuesday, May 23 in Kano while declaring open the 2nd Kano Economic and Investment Summit, said:
“We will remain committed on the three focused areas which include fighting corruption, insurgency and providing employment to the teeming number of unemployed youths in the country.”

SOURCE: http://www.naijanewspapers.com.ng/2017/05/just-in-osinbajo-writes-to-speaker.html

This will seriously demoralise the flatiyeassterners.



I hope this post wont be deleted and my account banned for amassing likes (insulting a whole tribe).

That has been my fate on NL for sometime now.

cc: Seun

Don't know why we must always borrow. I'm sure they will still loot the borrowed funds.

I pity the future generations. these fools we voted are eating away your future. the future is bleak

we have no hope of paying the ones we are owing.

we spend over N1TRN to service debt each year and we want to borrow more. omashe.

borrow borrow

Am always so scared whenever this present Govt tries to borrow as they never seem to get things right

They lack plans and the power tussles is so intense right now that a proper plan for spending and investment doesn't seem safe

Borrow money for it to be re-looted. Nigeria is forever doomed far beyond redemption. Useless country with no hope. Even the future of the unborn has been mortgaged

Despite the endless debts Nigeria is owing, we are still seeking more money to borrow.

Despite all the looted funds recovered both in Naira, dollars and pounds, we are begging oyinbo people to borrow us money.....wish way Nigeria?

It's obvious that some of the looted fund recovered have been looted once again

Borrow Money despite EFCC recovered money every day... APC where are we going

Seen

To me this man don join bad gangs o

How many times will these failed politicians borrow...endless streak of inept handling by failed APC crooks

Keep on borrowing and continue impoverishing Nigerians.
criminals and thieves

Dear Money,

Due to fact, All the ethnic Groups in Nigeria have overwhelmingly agreed that it is only the IGBOS that have love for Money so much....Please Arise and Visit every IGBO person hustling Anywhere Across the Globe. Visit them in DOLLARS, in POUNDS, in EUROS, in NAIRA, and please do not visit any other Tribe because they keep denying you in Public, Amen..

Borrowing Goverment. U can come borrow me too.

All these borrowing they have been doing.... Am yet to see the impact in the average Nigerian.

.. make i book space sharprrly... to d ppl above me na 7G LTE service una dey use?

Borrowing again?? After we had just seen the news of debt in 2 years of this APC government increased to about 100% and still counting. This government is keen on mortgaging our future on the platter of phoney projects, looting and enrichment of a few against the overall interest of the Masses.

Watch BMC and our south west brothers come and defend national looting, mean while we couldn't find them on the debt rising profile thread. Hypocrite!!

I remember what we used to say in primary school back then for kids who like begging and borrowing; we used to say to them 'borrow borrow make me rich'
Which means its an illusion thinking that taking plenty loans when outstanding from previous Govts are yet to be settled will make Nigeria an economic power house.

...
I wan that Nyam small

Igbos come and see oooo

Before APC leave government, debt would have risen to 100%

What does he want the money for? Nigeria no go fit better. Just imagine, politicians de steal billions every month and this one de go borrow money. The money when them de steal nor de reach again sotay them come de borrow de steal on top Nigeria head. I sure say God go make special hell fire for Nigerian politicians.

Anyways, will soon LEAVE Nigeria for good.

Blacks are so dumb. No foresight.
Every other race cares about the next generation. Blacks don't. It's just today, and today alone. You are not better than wild beasts that live for the moment.

Ha