News

Buhari seeks NASS approval for $2.78bn Euro bonds

Published

6 years ago

October 9, 2018

President Muhammadu Buhari has requested a National Assembly resolution to raise $ 2 . 78 bn from the International Capital Market for part -funding of 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 .

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

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

In the same letter , Buhari also sought legislative approval for an external capital sourcing of $ 82 . 54 m to refinance the balance of $ 500 m matured Euro bonds in the international capital market.

Buhari said the requests were pursuant to Section 21 ( 1 ) and 27 ( 1 ) of the Debt Management Office ( Establishment , Etc . ) Act of 2003 .

The lawmakers on Tuesday resumed from their annual recess , which began on July 25 .

In another letter dated September 10 , the President requested the Senate to confirm the appointment of Mr . Olanipekun Olukoyede as Secretary of the Economic and Financial Crimes Commission.

This is coming amid the pending confirmation of Mr . Ibrahim Magu , whose nomination by the President as substantive chairman of the EFCC has been rejected twice by the lawmakers.

Also requested by the President was Senate consideration and approval of N 346 bn as the 2018 budget proposal of the Niger Delta Development Commission.

The figure is N 18 bn lower than the N 364 bn budget approved for the commission in the 2017 fiscal year.

A breakdown of the proposed amount shows a total recurrent expenditure of N 32 bn and cumulative capital provision of N 314 bn .

The President listed sources of revenue for the commission in 2018 to include Federal Government contribution ( N 81 . 8 bn ) and unpaid arrears by the Federal Government ( N 33 . 9 bn ) .

Others are contributions from oil companies and others ( N 220 bn ) and other “ realised income ” ( N 150 m ) .

Buhari also presented an Executive Bill titled , ‘ Suppression of Piracy and Other Maritime Offences Bill , 2018 ″ to the Senate for consideration and passage .

In a separate letter dated July 20 , Buhari said the bill was intended to curtail illegal activities of pirates at sea and to reduce oil theft in domestic and international waters .

He added that the proposed legislation would also domesticate relevant provisions of international treaties to which Nigeria is signatory .

One of the treaties , according to the president , is the United Nations Convention on the Law of the Sea , 1982 ( UNCLOS II ) relating to piracy.

He identified another as the Convention for the Suppression of Unlawful Acts ( SUA ) against the Safety of Maritime Navigation , 1988 and its protocols .

( NAN )