The DMO also mentioned that the proceeds would be used solely to construct and rehabilitate key road projects across the country’s six geopolitical zones.
On December 7, when the matter came up, Mr Ekwo had refused to vacate the earlier order restraining the federal government from tampering with the states’ funds.
Nigeria’s Excess Crude Account now stands at $60 million down from the $2.1 billion the Muhammadu Buhari regime met it in 2015.
Mr Obasanjo’s statement comes in the wake of Mr Buhari’s request to the National Assembly for a fresh $4 billion loan.
As Nigeria’s debt profile continues to rise, President Muhammadu Buhari’s regime has made plans to borrow N5.62 million in 2022.
The Debt Management Office (DMO) on Monday offered for subscription more federal government bonds at N1,000 per unit.
Fashola says President Muhammadu Buhari’s borrowing is not a sin, defending his regime’s resort to loans to develop Nigeria’s infrastructure.
The Debt Management Office (DMO) says Nigeria’s public debt stock has reached N33.107 trillion (about $87.239 billion) as of March 31, 2021.
According to the DMO, the first offer is a two-year federal government savings bond due on May 12, 2023, with an interest rate of 7.753 per cent per annum.
The total public debt as of December 31, 2020, released by the DMO is N32.915 trillion.
