The House of Representatives has approved the request made by the President Muhammadu Buhari for an $82 million loan in order to refinance the balance of $500 million Eurobond in the capital market.
The Committee Chairman on Aids, Loans and Debt Management, Adeyinka Ajayi, presented the report of the committee to the House on Tuesday after which the approval was made.
The President had sought the approval of the House in order to raise $2.78 billion necessary for the financing of the 2018 budget.
The amount already approved in the 2018 Appropriation Act would be used for key infrastructural projects in the 2018 budget.
The loan, according to him, would be raised from Eurobonds and other securities in the international capital market.
In the previous week, the Senate approved the same amount while cautioning the president against borrowing.
Part of the committee’s recommendation read thus: “Approve the issuance of USD2.786 Billion from the international capital market approved in 2018 appropriations act”.
“Approve the issuance of USD82.54 million to refinance the balance of USD500 matured Eurobond in the international capital market”.