National Assembly Okays $1b Eurobond Sale

By Modupe Gbadeyanka

The National Assembly has approved the request by the Federal Government to sell a $1 billion Eurobond aimed to finance Nigeria’s budget deficit.

Spokesman of the Senate, Mr Aliyu Sabi Abdullahi, disclosed on Wednesday that the Eurobond sale request was approved because the government wanted to use part of the proceeds to finance two rail projects.

He said, “The only request for approval from the executive was for the issuance of $1 billion Eurobond for the funding of the 2016 budget deficit, and we immediately granted the approval.”

Nigeria has been struggling to raise money to carry out some capital projects aimed to revamp the country’s economy.

In 2016, the country entered its first recession in 25 years and its main source of foreign exchange, crude oil sale, has dropped due to activities of militants in the oil-rich Niger Delta region of the country.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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