Nigeria President Seeks Parliament Approval To Borrow $2.78 Bln Via Eurobond
By Olumidagreaton October 9, 2018
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In theNigeria plans to raise $2.78 billion from the International Capital Market (ICM) to finance the deficit in the 2018 budget, a letter from President Muhammadu Buhari requesting National Assembly approval and read at the plenary by the Senate President on Tuesday showed.
According to the letter, President Buhari, the fund would be used to finance deficits and key infrastructure projects in the 2018 budget.
The amount being requested will be raised through Eurobonds and other securities in the international capital market, the president said.
In the same letter, Buhari also sought legislative nod for an external capital sourcing of $82.54 million to refinance the balance of 500 million dollar matured Eurobonds in the international capital market.
Buhari said the requests were pursuant to Section 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act of 2003.
The lawmakers on Tuesday resumed from their annual recess, which began on July 25.
Although the break was earlier scheduled to end on Sept. 25, it was extended to Oct. 9 to enable them to participate in the just-concluded primaries of their political parties.
In another letter dated Sept. 10, the president requested Senate to confirm the appointment of Olanipekun Olukoyede as Secretary of the Economic and Financial Crimes Commission (EFCC).
This is coming amid the pending confirmation of Ibrahim Magu, whose nomination by the president as substantive Chairman of the EFCC has been rejected twice by the lawmakers.
Also requested by the president was Senate consideration and approval of 346 billion naira as the 2018 budget proposal of the Niger Delta Development Commission (NDDC).
The figure is 18 billion naira lower than the 364 billion naira budget approved for the commission in the 2017 fiscal year.
A same letter, Buhari also sought legislative nod for an external capital sourcing of $82.54 million to refinance the balance of 500 million dollar matured Eurobonds in the international capital market.