Senate okays $500m Eurobond to fund 2016 budget

Senate okays $500m Eurobond to fund 2016 budget
March 22 19:17 2017

The Senate has approved an executive request to raise additional $500 million eurobond from the international capital market to fund of the 2016 Budget deficit.

Deputy Senate Leader, Bala Ibn Na’allah, had during plenary on Wednesday moved a motion for the Senate to dissolve to the Committee of the whole to approve the request due to the urgency of the matter.

Minority leader, Senator Godswill Akpabio, complained that the opposition caucus was not consulted before the matter was brought to plenary.

He however seconded the motion, in view of its urgency.

The Presidency had in February made the bond request in a letter to the Senate signed by the then Acting President, Professor Yemi Osinbajo.

“Refer to line items 229 and 244 of the 2016 Federal Government of Nigeria (FGN) Appropriation Act, which provided for a deficit of N2,204.742 billion and new borrowings of N1,818.675 billion respectively.

The Act also provided for Domestic Borrowing of N1,182.798 billion and external borrowing of N635.877 billion in line items 245 and 246 respectively,” the letter read in part.