Politics of Wednesday, 11 March 2020
Source: www.mynigeria.com
The Federal Government has promised to use the foreign loans of 22.7 billion dollars to better its citizens.
This was contained in a press statement circulated by the Government via its Twitter handle, @NigeriaGov.
Discrediting the rumours going round that a portion of the loans would be mismanaged or paid to contractors, the Federal Government clarified that it deals only with bilateral and multilateral lenders.
It also revealed that the money was obtained from multilateral and bilateral lenders. Giving more details about the loan, it said: "they are concessional / semi-concessional, long-tenored and are for the purpose of financing infrastructure and other developmental social projects all of which have long-term multiplier effects in terms of job creation, business opportunities and overall increase in Nigeria’s Gross Domestic Product.
"The New Borrowing is consistent with the subsisting Debt Management Strategy which seeks to replace short term high-interest cost domestic debt with low-interest long-term external debt and is one of the measures that is being implemented to moderate the level of Debt Service.
The general public is invited to note the following:
— Government of Nigeria (@NigeriaGov) March 11, 2020
The planned borrowings will be from multilateral and bilateral lenders. They are concessional / semi-concessional, long-tenored and are for the purpose of financing infrastructure and other developmental social projects...