The debts of Nigeria Debt Management Office in the amount of $ 48.8 billion violate the law, says expert-Economics
The debts of Nigeria Debt Management Office in the amount of $ 48.8 billion violate the law, says expert-Economics
The Nigerian Debt Management Office (DMO) violated the law when his borrowing exceeded the set limit of $ 2.2 billion, said AdeLewa Adebajo, an expert on international financial markets. Adebajo also suggested that the governor of the central bank of Nigeria, Godwin EMEFiele, should be examined for his role, which led to the DMO borrowing rose to more than $ 48.8 billion.
DMO is accused of violating the Fiscal Responsibility Act
According to Adolewa Adebajo, an expert in international financial markets, Nigeria's Debt Management Office (DMO) violated the law when his loans exceeded $ 2.2 billion ($ 1 trillion Naira). In remarks supposedly during an interview with arise TV, Adebajo argued because it can be sued both against that Central Bank of Nigeria (CBN) act as well as the Fiscal Responsibility Act.
Although the DMO is allowed to take out loans in the country without a mandate from the country's national assembly, the agency's loaniffs, which now exceed $ 48.8 billion, that it has violated the law.
"The DMO is not obliged to go to the National Assembly before lending money abroad, but the means and ways give them the right. But N1 Billion should not exceed. It is at N22 trillions [$ 48.8 Billion], which shows that you have crossed the limit.
expert plans Nigeria's securitized letter of his debts
meanwhile another test report cited adebajo, who said Governor of the Nigerian Central Bank, Godwin EMEFiele, should be examined for his role, which made it possible for the DMO to exceed their credit limits. With regard to the plan of the Nigerian government to initiate their debts for 40 years, Adebajo insisted that this was illegal.
"You want to send the proceedings to the National Assembly Center and Central Committee, according to which law? There is no law in Nigeria that stipulates that the funds and means of financing the National Assembly are presented for approval," said the expert reports.
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