Senate approves $2.78b Eurobond 

The Senate on Thursday gave approval to the request of President Muhammadu Buhari to borrow $2.78 billion in order to finance the 2018 Budget.

Buhari had requested for $2.78 billion Eurobond in a letter to the National Assembly.

The lawmakers approved the President’s request after Shehu Sani, Chairman of the Senate Committee on Local and Foreign Debts, presented a report for their consideration on Wednesday.

Presenting the report for consideration, Sani urged the Federal Government to generate revenue internally and avoid external borrowing.

He said: “That the Senate do approve the issuance of the above, but advice that the Federal government do everything possible to limit its requests for external borrowing and source for other means of generating revenue internally.

“This is to avoid driving our country into debt. Our various committees to carryout extensive oversight on the various MDAs to ensure that the previous loans that have been granted are properly utilised.

“This oversight should be fixed immediately.”

In his remarks after the approval of the loan, Senate President abubakar Bukola Saraki said: “Before the end of the week, we will fix a date where all our committees will carry out oversight to ensure that all the previous loans have been properly utilised.

“I thank the committee and all distinguished senators for the cooperation with the executive to ensure that we quickly pass this loan to ensure the proper funding of the 2018 budget.”