$2.18 billion capital raising has already been approved - DMO

The Debt Management Office has disclosed that the new capital raising which the Presidency requested from the Senate has already been approved.

The DMO disclosed this in a statement on Wednesday evening, saying it was approved and sent to the Senate to fulfil the provision of sections 21 and 27 of the Debt Management Office Act 2003.

It was also revealed that proceeds would be used for capital projects including power, transport, agriculture and others.

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Nairametrics reported earlier this week that President Muhammadu Buhari had sent a letter to the Nigerian Senate, requesting the sum of $2.18 billion external loan for approval to fund the 2021 Appropriations Act.