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Nairaland Forum / Nairaland / General / Politics / Again FG To Borrow N120bn From Local Debt Market (850 Views)
It Will Be A Monumental Tragedy For Nigeria To Come Under PDP Again – FG / Senator Misua Docked, Granted N5m Bail Over N120bn Bribery Allegation Against IG / Weapons Recovered In Niger State From Local Gun Runners & Armed Bandits. PICS (2) (3) (4)
Again FG To Borrow N120bn From Local Debt Market by CowHard: 6:54pm On Sep 07, 2016 |
The Federal Government is planning to borrow N120bn ($387m) in local-currency denominated bonds at an auction on September 14, the Debt Management Office has said. The DMO said on Tuesday it would raise N40bn each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system. All the bonds are re-openings of previously issued debt. The Federal Government has estimated it will borrow around N900bn from the local debt market this year to fund a budget deficit projected at N2.2tn. The Central Bank of Nigeria has said it is planning to borrow N1.77bn via Treasury Bills in the last three months of the year. In its fourth quarter Treasury bill issue programme released on Monday, the CBN said it would raise about N815.37bn, comprising 91 days, 182 days and 364 days debt instruments In addition to the above, the central bank was also planning to raise about N952.05bn as rollover in the three categories of the instruments. The nation’s overnight naira interbank lending rate eased to 16 per cent on Friday, down from 20 per cent recorded the previous Friday. This followed improved naira cash liquidity after the disbursal of July budgetary allocations to Federal Government agencies. The Federal Government distributes revenues from crude exports and taxes among the three tiers of government every month. About N250bn ($751m) belonging to states and local government from July budget hit the banking system last week, and provided liquidity. Total bank surplus cash with the CBN stood at N118bn on Friday, better than the N62bn recorded last Friday. At the CBN’s Monetary Policy Committee meeting in July, the central bank raised its benchmark interest rate (Monetary Policy Rate) to 14 per cent in a bid to tighten liquidity. http://punchng.com/fg-borrow-n120bn-local-debt-market/ |
Re: Again FG To Borrow N120bn From Local Debt Market by CowHard: 6:56pm On Sep 07, 2016 |
Even with the trillions in recovered loot? This is a demonic government. 1 Like |
Re: Again FG To Borrow N120bn From Local Debt Market by slimthugchimee(m): 6:56pm On Sep 07, 2016 |
buhari oh. |
Re: Again FG To Borrow N120bn From Local Debt Market by Popogri: 7:01pm On Sep 07, 2016 |
Blood of God! I pray this man no kill us before our time |
Re: Again FG To Borrow N120bn From Local Debt Market by nnachukz(m): 7:09pm On Sep 07, 2016 |
At this point it is absolutely safe to say that this liar Buhari has recovered no dime but keeps lying to please zombies. Who is going to pay for all these debts he is accumulating? In 50yrs after he might have left the post, we might still not be able to offset these bills. 1 Like |
Re: Again FG To Borrow N120bn From Local Debt Market by Paperwhite(m): 7:44pm On Sep 07, 2016 |
It's a sorry thing that even the NASS is so irresponsible that they have failed in their constitutional responsibility to impeach the visionless president despite all these impeachable offenses.After telling us of generating so much revenue? APC is really sickening. ![]() ![]() ![]() ![]() |
Re: Again FG To Borrow N120bn From Local Debt Market by overall90: 8:46pm On Sep 07, 2016 |
No more lies to tell. |
Re: Again FG To Borrow N120bn From Local Debt Market by arushiuga(m): 8:48pm On Sep 07, 2016 |
Who will pay for all the debts this clueless government is incurring. They haven't offset the previous debt and they are borrowing more 3 Likes |
Re: Again FG To Borrow N120bn From Local Debt Market by onatisi(m): 8:51pm On Sep 07, 2016 |
And the debts keeps piling up. Well done buhari. 2 Likes
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Re: Again FG To Borrow N120bn From Local Debt Market by iamblisz(m): 9:07pm On Sep 07, 2016 |
2 Likes |
Re: Again FG To Borrow N120bn From Local Debt Market by pafra(m): 9:13pm On Sep 07, 2016 |
It will be nice if every student is made to study economic in every level no matter the course of study. With the response from those about me it's clear that you guys don't understand the nature of Nigeria economy. If you must criticize do it constructively bring out your points not insulting and magnifying your ignorance |
Re: Again FG To Borrow N120bn From Local Debt Market by amaechi1: 9:20pm On Sep 07, 2016 |
A government that borrowed when crude was sold at >$90 per barrel to fund it budget and pay salaries compared with a Government that borrowed when the same crude is < $40 per barrel and production all time low. Which one is more responsible? |
Re: Again FG To Borrow N120bn From Local Debt Market by iamblisz(m): 9:21pm On Sep 07, 2016 |
I refused to be mortgaged by this poverty govt |
Re: Again FG To Borrow N120bn From Local Debt Market by iamblisz(m): 9:23pm On Sep 07, 2016 |
amaechi1: The question should be, How much have they borrowed since they came into power? 2 Likes |
Re: Again FG To Borrow N120bn From Local Debt Market by amaechi1: 9:27pm On Sep 07, 2016 |
pafra: What do you expect when most of us hardly have time to research or read to broaden our knowledge. Even if the President show up all our external reverse to all, people will still complain. |
Re: Again FG To Borrow N120bn From Local Debt Market by amaechi1: 9:29pm On Sep 07, 2016 |
iamblisz: Please, I don't know. Do have any idea? |
Re: Again FG To Borrow N120bn From Local Debt Market by agwom(m): 9:32pm On Sep 07, 2016 |
hmm |
Re: Again FG To Borrow N120bn From Local Debt Market by OAUTemitayo: 9:35pm On Sep 07, 2016 |
pafra:Bro it is sad. Even Economics graduates are blaming Buhari for the recession. The ignorance in this country ehn brother no be here. People are so ignorant of basic economic intelligence that I wonder how we arrive at this state. Nigerian youths am sorry are only concerned about the latest upcoming artist and the latest hit song in town. Some of them dress like PhD holders but a little engagement of their over hyped brain will make you cry for the future of this country. What we are actually experiencing is intellectual recession. I hope it doesn't enter depression. |
Re: Again FG To Borrow N120bn From Local Debt Market by amaechi1: 9:46pm On Sep 07, 2016 |
OAUTemitayo: Even some so called economist are not left out. Ask them what is simple solution. Devaluation will be their response. |
Re: Again FG To Borrow N120bn From Local Debt Market by OAUTemitayo: 10:13pm On Sep 07, 2016 |
amaechi1:The same devaluation that put us into this situation. You only devalue to make your exports cheaper! Sir, what are we currently exporting to warrant Such?? Baba fall my hand there. |
Re: Again FG To Borrow N120bn From Local Debt Market by amaechi1: 10:31pm On Sep 07, 2016 |
OAUTemitayo: You remember, he refused at the initial. But these so called economist mounted pressure and he fell to their opinion. Today where are we. Economics model that worked for developed countries with infrastructure, cannot work for developing countries like ours. |
Re: Again FG To Borrow N120bn From Local Debt Market by basilo101: 10:53pm On Sep 07, 2016 |
Onatisi is a prophet 1 Like |
Re: Again FG To Borrow N120bn From Local Debt Market by Ximonak: 11:35pm On Sep 07, 2016 |
arushiuga: Our children children..... unborn Nigerians 1 Like |
Re: Again FG To Borrow N120bn From Local Debt Market by TimeManager(m): 12:15am On Sep 08, 2016 |
Wailers' sense is eating up. Who cares if their mental corrosion is beyond repair such that they couldn't understand economic fundamentals. I so wish that they will hate every infrastuctures of this government to keep far away as much as they hate PMB.only then would i know their hate is real. The truth has spoken! |
Re: Again FG To Borrow N120bn From Local Debt Market by lilprinze: 12:58am On Sep 08, 2016 |
Buhari and APC is a curse on nigeria |
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