Finance & Economy

DMO Issues Update on the N2.343trn New Capital Raising in the 2021 Appropriation Act

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 Raising of N2.343trillion which is provided in the 2021 Appropriation Act.

In light of the President’s letter, the Senate and the House of Representatives 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, Loans and Debt Management, for further consideration of the President’s request.

The two (2) Committees are expected to present reports of their deliberations at a Plenary Session to the two (2} chambers of the National Assembly to consider and approve the issuance of the Resolution as required by the Debt Management Office (Establishment, Etc.) Act, 2003.

Upon the issuance of the National Assembly’s Resolution, the executive arm of government will then be authorized to raise the funds which will be utilised to finance infrastructure and other priority projects across the country.

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