• Senate approves restructuring of controversial loan
• Reps may accede to request next week
• Liquidation of facilities to be spread to 2063
• Spending requires thorough investment not approval, says Owoh
• Approval could open floodgate of litigation, expert warns
• CBN’s budget support grows by 2,900% in eight years
• Funding prevents shutdown of governance, Senate Committee claims
• Restructuring to reduce cost of servicing loan by 57%
The Senate, yesterday, abandoned its previous hard line stance and approved the conversion to a 40-year bond of the N23.72 trillion Federal Government’s unappropriated expenditure funded by the Central Bank of Nigeria (CBN) through its ways and means (W&M) window.
President Muhammadu Buhari, last year, wrote the National Assembly to approve the amount alongside a fresh N1 trillion it planned to take from the window (bringing…
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