Senate approves $500m Eurobond request by President Buhari

Senate on Wednesday has approved the sum of $500million eurobond meant to finance 2016 budget deficit.

The approval was after two hours closed door session.

Moving the motion, Deputy Senate Leader, Bala Ibn N’allah explained that time was against the 2016 budget, adding that it would be disastrous for any 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”,

Deputy Senate President, Ike Ekweremadu who presided over the Committee put a vote and it was immediately approved.

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

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