Buhari seeks Senate’s approval for $2.786bn Eurobond

Tola Akinmutimi

October 10, 2018

The Senate confirmed on Tuesday that it had received an Executive communication from President Muhammadu Buhari asking the National Assembly to approve a request for the issuance of $2.786 billion Eurobond for partial financing of the 2018 budget’s fiscal deficit.

The Senators went into an Executive Session that lasted for 20 minutes after resuming from the recess they have been since July 24 to consider sundry urgent matters requiring legislative action.

After the Executive Session, the President of the Senate, Bukola Saraki, read to the lawmakers the contents of the Executive Communication forwarded by the President from July to September which include the one on the issuance of $2.786 billion Eurobond to finance the 2018 budget’s deficit.

The President hinged the basis of his request for the distinct and specific resolutions of the National Assembly for the $2.786 billion Eurobond on provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO).

In another letter, the President presented the N693.026 billion 2018 Statutory Budget Proposal of Niger Delta Development Commission (NDDC) to the Senate for passage in line with the commission’s (Establishment) Act.

The 2018 budget proposed by President Buhari for NDDC was less than the N729.016 billion approved by the Legislature for the Commission last year.

Other letters from President Buhari that were also read on the floor of the Senate include those declining assent to 10 bills namely Institute of Enterpreneurship (Establishment) Bill 2018, Stamp Duties(Amendment) Bill 2018, Electoral (Amendment) Bill 2018, Industrial Development (Income Tax Relief)(Amendment) Bill 2018 and The Advanced Fee Fraud And Other Related Offences (Amendment) Bill 2017.

Others are National Institute Of Hospitality and Tourism (Establishment) Bill 2018, Nigerian Maritime Administration and Safety Agency (Amendment) Bill 2017, The Subsidiary Legislation (Legislative Scrutiny) Bill 2018, Agricultural Seeds Council Bill 2018 and National Research and Innovation Council(Establishment) Bill 2017.