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Reps Approve More Borrowing For Presidency - Politics - Nairaland

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Obasanjo: Borrowing For Recurrent Expenditure Is Foolish / Reps Approve Bill To Create State Police, Security Outfits / Reps Approve Buhari’s $22.7 Billion Loan Request. South East Reps Kick (2) (3) (4)

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Reps Approve More Borrowing For Presidency by akelicious(m): 11:30am On Oct 24, 2018
Eurobond market.

The $2.7 billion was listed in the budget as a finance channel for the 2018 spending plan.

This would be the third Euro bond floated by the Nigerian government since 2017. The total value of all the borrowings from this market is an estimated $8 billion.

The lawmakers also gave assent to the government to raise $82.54 million “to refinance the balance of $500m matured Eurobond in the international capital market".

According to The Punch, the House Committee on Capital Market and Institutions, also gave nine oil firms a 48-hour ultimatum to release documents on their compliance level with regulatory requirements to operate in the country.

Tony Nwulu, Chairman of the Sub-Committee handling an investigation into the compliance of Public Limited Liability Companies with the extant laws regulating their operations in Nigeria, directed their chief executive officers to appear before the panel on Thursday at the National Assembly.

He informed the nine firms that refusal to heed the directive that he would force the House to activate Section 89 of the 1999 Constitution to compel compliance with the directive:

He said: “If any one of you fails to submit your management letters and comply with other requests of the committee by Thursday, we may not have any other option than to use our legislative powers to compel you.

“You have constantly disregarded our requests to submit documents required by this committee. We are giving the Thursday deadline to submit the required documents and for you to appear unfailingly, otherwise, this will leave us with no other option than to invoke our legislative powers.

“The committee will insist that companies quoted on the Nigerian Stock Exchange, which fail to comply, are de-listed from the stock market for failing to meet the aspirations of investors.”

https://www.akelicious.net/2018/10/reps-approve-more-borrowing-for.html

Re: Reps Approve More Borrowing For Presidency by KanwuliaMama: 11:32am On Oct 24, 2018
So they can get their own cut!
Useless politicians.
Nothing to show for borrowing since 1900! embarassed

31 Likes

Re: Reps Approve More Borrowing For Presidency by baliyubla: 11:41am On Oct 24, 2018
Over $8 billion dollars, just in a year from Eurobond markets. Where is all that money going to and why is the country on the verge of collapsing into another recession, if such money has been pumped into the economy? Buhari has crumbled Nigeria.

37 Likes

Re: Reps Approve More Borrowing For Presidency by daddytime(m): 11:41am On Oct 24, 2018
So long as their cuts are embedded it is always a yay while the future generations are mortgaged and bungled down with huge debts.
Re: Reps Approve More Borrowing For Presidency by Nobody: 12:33pm On Oct 24, 2018
undecided
Stupid country

6 Likes

Re: Reps Approve More Borrowing For Presidency by BruncleZuma: 12:34pm On Oct 24, 2018
grin grin grin grin
Re: Reps Approve More Borrowing For Presidency by Cryomancer: 12:34pm On Oct 24, 2018
angry


By the time this Fulani illiterate finish with us in this country ehn, every state will become a refugee camp, even United Nations will be bringing aid to us.



Borrowing upon borrowing, but nothing to show for it still..

23 Likes

Re: Reps Approve More Borrowing For Presidency by SoNature(m): 12:34pm On Oct 24, 2018
Nigeria is a joke

1 Like

Re: Reps Approve More Borrowing For Presidency by demolinka(m): 12:35pm On Oct 24, 2018
...to fund an increase in NASS budget

2 Likes

Re: Reps Approve More Borrowing For Presidency by SingleWahala(f): 12:35pm On Oct 24, 2018
grin...... From EFCC Desk........

Re: Reps Approve More Borrowing For Presidency by Nobody: 12:35pm On Oct 24, 2018
The people agreeing to borrow this country are the real enemies of this nation.

4 Likes

Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 12:35pm On Oct 24, 2018
So long as oil does not reach the breakeven price...we will continue to borrow.

Oil is at $81. To balance the budget...we need it to be at $140 as at last year. (Saudi Arabia needs it by $86,Kuwait at $45).

If you want to stop borrowing we have to do several things....

1.Diversify the economy...short term, agric and extractive/solid minerals. Long term, INDUSTRIES
2.Cut waste by .....removing subsides, ACTUALLY fighting corruption, and reducing the size of government.
3.Spending more on power deliberately.
4.Security.

In my honest opinion, we cannot just stop borrowing. If we do that, we would end up with an even worse situation than now.

Modified

1.For more information about breakeven prices...see here.


2.Please if you are quoting me, I am ready for any post disagreeing with me. But any sign of bad language would get you reported to the moderators. I have insulted no one on this thread, and I see no reason why you should insult me. Thank you.

3.I won't be voting APC or PDP in this upcoming election. In my opinion, they aren't doing what we need to get usout of this mess. Esepcially when it comes to wasteful spending on subsides, governance cost, corruption, etc.

7 Likes

Re: Reps Approve More Borrowing For Presidency by WebSurfer(m): 12:35pm On Oct 24, 2018
I’m tired of this country

1 Like

Re: Reps Approve More Borrowing For Presidency by Blackfire(m): 12:36pm On Oct 24, 2018
Please borrow more...


Shebi na our 10th generation go pay, no be us
Re: Reps Approve More Borrowing For Presidency by hisexcellency34: 12:36pm On Oct 24, 2018
All the ones they've borrowed, what have they done with it?
Re: Reps Approve More Borrowing For Presidency by gen2briz(m): 12:37pm On Oct 24, 2018
No problem jare... Keep the borrowing going...

Las Las we go get brain
Re: Reps Approve More Borrowing For Presidency by FroshD: 12:37pm On Oct 24, 2018
All we do is borrow, where the money is going we dont know.


las las na campaign this one dey go
undecided undecided undecided
Re: Reps Approve More Borrowing For Presidency by Olohunjedalo(m): 12:37pm On Oct 24, 2018
KanwuliaMama:
So they can get their own cut!
Useless politicians.
Nothing to show for borrowing since 1900! embarassed
shut up.
You chose to not see what the government is doing
Re: Reps Approve More Borrowing For Presidency by Firefire(m): 12:37pm On Oct 24, 2018
Very good~

2 Likes 1 Share

Re: Reps Approve More Borrowing For Presidency by ElChidi: 12:37pm On Oct 24, 2018
Buhari has borrowed trillions of naira with absolutely nothing to show for it, this debt will have to be repaid by you and your children. Pls help your children by voting out this mistake in 2019.
Re: Reps Approve More Borrowing For Presidency by jumpandpas(m): 12:38pm On Oct 24, 2018
See the HERDSMAN that want to transform Nigeria, a feat he couldn't achieve with his cows in 4 years.

6 Likes

Re: Reps Approve More Borrowing For Presidency by tolexy007(m): 12:38pm On Oct 24, 2018
shocked
Re: Reps Approve More Borrowing For Presidency by tetralogyfallot(m): 12:38pm On Oct 24, 2018
theoldpretender:
So long as oil does not reach the breakeven price...we will continue to borrow.
what is the break even price?
Re: Reps Approve More Borrowing For Presidency by AroleOduduwa(m): 12:38pm On Oct 24, 2018
Buhari has mortgaged the future of Nigeria, he has borrowed more than 11trn yet there are no visible project. Is he borrowing the money to fight corruption?


N.B. Logical quote only, won’t reply any zone B

1 Like

Re: Reps Approve More Borrowing For Presidency by mendii(m): 12:39pm On Oct 24, 2018
i will dance d day china takeover some important sector in nigeria




these politicians are dump as kcuf

1 Like

Re: Reps Approve More Borrowing For Presidency by iammo(m): 12:39pm On Oct 24, 2018
President Borrowhari,.... Since we stopped APC from selling our national assets, they've cleverly started using all asset to secure loan to fund their wasteful budget. A budget where 60% is for salary and allowances, another huge part for subsidy payment and a little amount remaining goes to inflatted and over priced infrastructure construction

1 Like

Re: Reps Approve More Borrowing For Presidency by theoldpretender(m): 12:40pm On Oct 24, 2018
ElChidi:
Buhari has borrowed trillions of naira with absolutely nothing to show for it, this debt will have to be repaid by you and your children. Pls help your children by voting out this mistake in 2019.

When PDP was borrowing...it was all good, eh?

Plus....EVEN if Atiku wins in 2019....I doubt we would STOP borrowing. The problem is, we are not earning enough from oil...and we have to borrow to make ends meet.

Diversificaiton is the answer....

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