Senate approves $500m Eurobond for budget funding deficit

The senate has approved the $500 million Eurobond in the International Capital Market for the funding of the 2016 budget deficit.

The unanimous approval was sequel to a motion by the Deputy Senate Leader, Senator Ibn Na’Allah, on the need to approve the Eurobond as requested by President Muhammadu Buhari.

Na’Allah who urged senators to support the motion informed senators of the need for them to approve the $500 million Eurobond considering expedience of funding the International Capital Market.

Bala Ibn N’allah explained that time was against the 2016 budget, adding that it would be disastrous for the nation to delay.

He urged the Senate to set aside processes that will make it possible for prompt approval.

In response, Minority Leader, Godswill Akpabio, while seconding the motion, said: “despite the lack of consultation, I wish to second the motion to enable the Committee of the whole consider the request”.

It was immediately approved after the Deputy Senate President, Ike Ekweremadu, who presided over the Committee put
it to vote.

Meanwhile, the approval would enable President Muhammadu Buhari to source the amount from the Capital Market.