Senate approves $500m Eurobond to fund 2017 budget

Senate vote against devolution of powers to States

The Senate has approved the request of the Presidency to raise a fresh $500 million Eurobond to partly finance the deficit in the proposed 2017 budget

Vice President Yemi Osibanjo who sent the request while acting as President, said the Eurobond will help finance the deficit estimated at N2.2 trillion.

Deputy majority leader, Bala Ibn Na’allah, moved the motion of the adoption of the request, and seconded by the minority leader, Godswill Akpabio.

Senator Akpabio caused a mild drama when he complained that he and the opposition caucus were not consulted before the matter was brought to plenary.

He, however, seconded the motion, saying he needed to do that because of it was a matter of national emergency.

The request is coming weeks after another $1 billion Eurobond floated by the Presidency in the international capital market was oversubscribed by global investors.

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