20181010

Buhari Writes NASS, Seeks Approval For $2.78bn Eurobonds

President Muhammadu Buhari has requested a National Assembly resolution to raise $2.78 billion from the International Capital Market for part-funding of the 2018 budget.

The president said the amount, approved in the 2018 Appropriation Act, would be used to finance deficits and key infrastructure projects in the 2018 budget.

Buhari’s request came in a letter dated July 23, and read by President of the Senate, Bukola Saraki, at plenary on Tuesday.

The loan, according to him, will be raised from Eurobonds and other securities in the international capital market.

In the same letter, Mr Buhari also sought legislative nod for an external capital sourcing of 82.54 million dollars to refinance the balance of 500 million dollar matured Eurobonds in the international capital market.


Also requested by the president was Senate consideration and approval of N346 billion as the 2018 budget proposal of the Niger Delta Development Commission (NDDC).

The figure is N18 billion lower than the N364 billion budget approved for the commission in the 2017 fiscal year.

A breakdown of the proposed amount shows a total recurrent expenditure of N32 billion and cumulative capital provision of N314 billion.

The president listed sources of revenue for the commission in 2018 to include federal government contribution (N81.8 billion) and unpaid arrears by the Federal Government (N33.9 billion).

Others are contributions from oil companies and others (N220 billion) and other “realised income” (N150 million).