DMO publishes update on new capital increase of N2.343trn in appropriation law 2021


Wednesdaydaytime, Jul 7, 2021 / 6:50 PM / by DMO / Header image credit: Debt Management Office

On May 18, 2021, His Excellency President Muhammadu Buhari, GCFR, submitted a request to the National Assembly (NASS) for a resolution on the new external capital increase of N2.343one thousand billion which is provided for in the 2021 finance law.

In light of the President’s letter, the Senate and the House of Representatives have assigned their respective oversight committees on public debt, namely; the Senate Committee on Local and Foreign Debt; and the House of Representatives Committee on AIDS, Lending and Debt Management, for further consideration of the President’s request.

The two (2) committees must present reports of their deliberations in a plenary session to the two (2} chambers of the National Assembly to consider and approve the publication of the resolution as required by the Debt Management Office. (establishment, etc.) Law of 2003.

Upon publication of the National Assembly resolution, the executive body of government will then be authorized to raise funds that will be used to finance infrastructure and other priority projects across the country.

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