Shehu Sani Reacts as FG ‘Ends’ International, Local Borrowing
- A former federal lawmaker, Shehu Sani, has applauded the federal government over its decision to stop borrowing from local and foreign organisations
- The FG had announced that it had no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation
- Sani said the current task is how the President Bola Tinubu-led administration can get Nigeria "out of the pit of the debt left behind" by Muhammadu Buhari's government
FCT, Abuja - A former Kaduna Central Senator, Shehu Sani, on Monday, August 28, said it is encouraging to learn that the federal government intends to stop borrowing from any local or foreign organisation.
The minister of finance, Wale Edun, recently revealed at the end of the inaugural federal executive council (FEC) meeting in Abuja that the current administration will seek to create a stable macroeconomic environment.
Source: Facebook
Sani sets challenge for Tinubu's govt
Reacting, Sani, a chieftain of the Peoples Democratic Party (PDP), challenged the present government to get Nigeria out of the “pit of the debt left behind” by Buhari's administration.
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He wrote on his verified X handle:
“It’s relieving to hear from the Finance Minister that the FG has ended borrowing from both local and international sources.
“Now the task is how to get out of the pit of the debt left behind by the Buhari regime.”
FG borrowed over N300bn from citizens
In a piece of related news, Legit.ng reported that the federal government has extra cash that will help fund the 2023 budget deficit and other obligations.
Debt Management Office (DMO) has disclosed that it received a total subscription of N312.56 billion from local investors on Monday, August 14, 2023, following the August FGN Bond Auction.
FG announces first borrowing plan for 2023
Legit.ng also reported that the DMO announced the issuing of two Federal Government of Nigeria (FGN) Savings Bonds for subscription as its first borrowing for 2023.
A bond is a loan from an investor to a borrower such as a company or government.
The borrower uses the money to fund its operations, and the investor receives interest on the investment.
Source: Legit.ng
