Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

SERAP sues Buhari over $25 billion Ways & Means loan

William Ukpe by William Ukpe
July 5, 2021
in Business News, Spotlight
#TwitterBan: FG serves SERAP preliminary objection over plan to sue
Share on FacebookShare on TwitterShare on Linkedin

Socio-Economic Rights and Accountability Project (SERAP), a nonprofit legal and advocacy group, says it has sued President Muhammadu Buhari over the $25 billion ways and means loan from the Central Bank of Nigeria (CBN) asking the court to compel the president to disclose details of overdrafts and repayments since 2015.

SERAP disclosed this in a statement on Sunday, adding that secrecy related to overdrafts is against the interest of the public.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

RelatedPosts

Abuja-Kaduna train: Buhari says FG discarded military action due to uncertainty of success

SERAP sues Buhari over N5 million fine on Multichoice, Trust TV, others

What SERAP’s statement said

“We’ve sued President Buhari over $25 billion overdrafts taken from the CBN, asking the court to compel him to disclose details of overdrafts and repayments since 2015.

Secrecy around CBN overdrafts is antithetical to the public interest, the common good and oath of office.”

News continues after this ad


They added that suit no FHC/ABJ/CS/559/2021 was filed last week at the Federal High Court, Abuja, which also sought “an order to compel the president to explain and clarify whether the $25 billion (N9.7 trillion) overdraft from the CBN is within the 5% limit of the actual revenue of FG for 2020.”

READ: Instruct EFCC, ICPC to monitor spending on Coronavirus, group tells Buhari

What you should know

Nairametrics reported in February that the Director-General of the Debt Management Office, Patience Oniha said, the federal government owes the CBN about N10 trillion (circa $25 billion).

News continues after this ad


  • Total Ways and Means of about N10 trillion will be formalized.
  • It will be converted into bonds and paid back over the next 30 years.
  • There will be a moratorium of principal for the first two years.
  • The bonds will not be sold in the open market but to select investors.

READ: £2.5 billion Scam: Union Bank, CBN vs Petro Union resume hearing on Monday

How CBN sources the loan

The total of Ways and Means funding issued by the CBN to the FG will be classified as an asset in the balance sheet of the CBN under loans and receivables. Going by the accounting rule, there should be a liability side classifying how the money was funded. In theory, it could be via the printing of new money or issuance of bills, or regulatory induced policies.

Related

Tags: BuhariSERAPWays and Means loan

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari
    • BUAFOODS’ ascension to SWOOTs not enough to stop NGX from shedding N190 billion
    • Buhari again urges ASUU to call off strike, says it’s counterproductive

    Follow us on social media:

    Recent News

    Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari

    Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari

    August 12, 2022
    BUA Cement Plc leads stocks worth over one trillion as market cap rises by N50.80 billion

    BUAFOODS’ ascension to SWOOTs not enough to stop NGX from shedding N190 billion

    August 12, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com