The Debt Management Office said the National Assembly approved the Diaspora Bond, which was used to borrow $300m from Nigerians in the diaspora.
In a statement provided to our currespondent in Abuja on Sunday, the DMO said the $300m Diaspora Bond was approved by the National Assembly via its resolution dated April 28, 2016.
The issuance of the $300m was done on June 26, 2017 and the proceeds were used to fund part of the debt in the 2017 Appropriation Act.
According to the DMO, the $300m Diaspora Bond was not part of the $5.5bn approved by the National Assembly on November 14, 2017.
The DMO said, “Out of the $5.5bn approved by the National Assembly on November 14, 2017, $3bn Eurobonds was issued on November 28, 2017, leaving a balance of $2.5bn to be issued.”
It further explained that $2.5bn out of the $3bn Eurobonds issued in November 28, 2017 was used to fund 2017 budget deficit, while the balance of $500m was used to redeem matured Nigerian Treasury Bills in December 2017.
The DMO said that it part-funded the 2017 budget deficit with the proceeds of $300m Diaspora Bond and proceeds of $2.5bn Eurobonds, adding that the office would not borrow without first obtaining the required approvals.
In a bid to prevent incidents of stampedes and ensure public safety during large gatherings,…
In Osun State today, the pulse of the people is abuzz with various stories that…
As of today, December 23, 2024, the Nigerian naira has depreciated to an unprecedented level…
The Federal Government has announced that Wednesday, December 25; Thursday, December 26; and Wednesday, January…
•Adeleke Lacks Credible Political Functionaries, CoS Threatening Violence - APC •APC, Ajibola Basiru Frustrated About…
The Minister of Marine and Blue Economy, Mr Gboyega Oyetola, is reportedly set for a…
This website uses cookies.