President Buhari seeks NASS approval for $2.78bn Eurobonds

President Muhammadu Buhari has requested a National Assembly resolution to raise $2.78 billion from the international capital market to partly fund the 2018 budget.

Buhari’s request was contained in a letter dated July 23, 2018 which Senate President Bukola Saraki at plenary on Tuesday.

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

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

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

Buhari said that 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, 2018.

Although, the break was earlier scheduled to end on September 25, 2018, it was extended to October 9 to enable them participate in the just-concluded primaries of their political parties.

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

This came 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.

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 that the bill was intended to curtail illegal activities of sea pirates 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)

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