THE House of Representatives on Wednesday approved the $500 million Eurobond request of President Muhammadu Buhari to fund the 2016 budget deficit.
The President had on February 22 asked for the approval of $500 million Eurobond in the International Capital Market for the funding of the 2016 budget deficit.
The House approval followed presentation and consideration of report of House Committee on Aids, Loans and Debt Management chaired by Hon Adeyinka Ajayi.
Hon Ajayi had moved “that the House do receive the report of the committee on aids, loans and debts management on the request for a resolution of the National Assembly for the issuance of $500 million Eurobond in the International Capital Market for the funding of 2016 budget deficit.”
The House at the committee of supply chaired by the Speaker, Hon Yakubu Dogara and Deputy Speaker, Hon Lasun Yusuff approved the two items of the committee’s report.
The House equally mandated the committee to monitor the utilisation of the loan.