Thus, the ₦850 billion is not New or Incremental borrowing, rather it is an amendment of the source of borrowing from External to Domestic. With this change, the total New Domestic Borrowing under the 2020 Appropriation becomes ₦1,594.99 billion which is the same as the total New Borrowing in the 2020 Appropriation Act.
For compliance with the law, His Excellency, President Muhammadu Buhari forwarded requests to the Senate and House of Representatives to convert the source for raising the ₦850 billion from External to Domestic.
The Senate approved the request on Tuesday, April 28, 2020, while the approval of the House of Representatives is expected. Upon approval of the request by the House of Representatives, the Debt Management Office will issue FGN Securities in the Domestic Market to raise the ₦850 billion, thereby providing high-quality investment opportunities for the investing public.
DEBT MANAGEMENT OFFICE
NDIC Building (First Floor),
Plot 447/448 Constitution Avenue,
Central Business District,
Tel: +234 - 8110000881-3
April 28, 2020