President seeks NASS approval for $1b Eurobond

The Federal Government has approached the National Assembly to approve its plan to raise $1b through Eurobond offers.

According to Punch, a source revealed that the National Assembly might reconvene on Thursday, January 2, 2017 to discuss the issue.

The source also said “The fallout of the meeting between the Senate President, Bukola Saraki; Speaker of the House of Representatives, Yakubu Dogara; and the Presidency on Tuesday is that the Federal Government wants the National Assembly to approve its new request for a $1bn Eurobond. It appears that since the approval of proposed $29.9bn external loan has not been obtained, this is the other option available to the government.

“The National Assembly will reconvene anytime from now on the executive’s request. The letter got here last Thursday after the plenary had been adjourned for three weeks to allow the Ministries, Departments and Agencies of government to come and defend their budgets.”

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The National Assembly had earlier rejected the President’s application for borrow $29.960b.

According to the source the FG and some members of the National Assembly so ensure the request sails through.