FG grants N23billion waiver to stock broking firms

Channels Television  
Updated December 3, 2012

The Federal Government has granted a waiver of N22.6 billion to 84 stock broking firms in the country.

The Minister of Finance, Dr Ngozi Okonjo Iweala who announced the plan at a news conference in Abuja said that the move became necessary following the debt hang-over in the capital market.

The debt hang-over, she claimed has made the market non-vibrant in the past few years.

Dr Iweala however warned that the waiver will also be accompanied with sanctions to discourage excessive borrowing by capital market operators in the future.

Answering questions from journalists, the Minister said a total of N300 billion has been released for the fourth quarter of 2012 with over N170 billion cash backed from the third quarter releases.