Unic Press UK: The upper house of Nigeria Parliament, the Senate, has approved the request of the executive arm of government to raise $500 million through the sale of Eurobond, said the deputy senate president Ike Ekweremadu.
In February, Yemi Osinbajo who was the acting president had sought the approval of the National Assembly to issue $500 million Eurobond in the international capital market to fund the deficit of the 2016 budget.
Osinbajo in his February 2017 letter to the lawmakers said:
“Given that the implementation of the 2016 budget is still ongoing, we plan to issue the Eurobond between February and March 2017, subject to market conditions. This is in order to meet the governments approved capital expenditure funding plan.’’
