BREAKING: Senate Approves Buhari’s $500m Eurobond Request

By Modupe Gbadeyanka

The Nigerian Senate on Wednesday, March 22, 2017, approved the request by the President Muhammadu Buhari-led administration to get $500 million Eurobond from the capital market in financing the 2016 budget deficit.

Last week, Mr Buhari wrote to the National Assembly seeking another $500 million Eurobond to finance capital projects in the 2016 Budget.

This followed $1 billion Eurobond approved by the Senate as requested by the President in financing the 2016 Budget.

At the plenary today, the Deputy Senate Leader, Mr Bala Ibn N’allah, moved a motion explaining that time was against the 2016 budget, warning his colleagues of the dangers in delaying the bond approval.

Seconding the motion, the Senate Minority Leader, Mr Godswill Akpabio, urged his colleagues to consider the request and act on it promptly.

After the issue was put up for vote, the Deputy Senate President, Mr Ike Ekweremadu, who presided over the session, approved the President’s request to source for the $500 million Eurobond from the capital market.