The President, Muhammadu Buhari, in a letter to the National Assembly (NASS), seeks approval for $2.78 billion Eurobond. This letter was read by the Senate President, Bukola Saraki at plenary on Tuesday.
President Muhammadu Buhari has requested a National Assembly resolution to raise $2.78 billion from the International Capital Market for part-funding of the 2018 budget.
The president explained in the letter that the approved amount would be used to finance deficits and key infrastructure projects in the 2018 budget.
The loan, according to him, will be raised from Eurobonds and other securities in the international capital market.
In the same vein, Buhari also sought legislative nod for an external capital sourcing of 82.54 million dollars to refinance the balance of 500 million dollar matured Eurobonds in the international capital market.
The requests were subject 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 October 9 to enable them to participate in the just-concluded primaries of their political parties.