The Acting President, Professor Yemi Osinbajo, has written to the Speaker of the House of Representatives, seeking approval for the issuance of 500 million dollars Eurobond to fund the 2016 budget.
According to the letter which was read by the Speaker during plenary, the executive plans to issue the Eurobond in the international capital market between February and March 2017 in order to meet governments approved capital expenditure funding plan.
Meanwhile, the 2017 budget tagged ‘Budget of Recovery and Growth’, is expected to help Nigeria come out of recession even though many have questioned the capabilities of the document to do just that.
On January 28, the Senate had adjourned plenary till February 24, 2017, to allow the different committees work on the details of the 2017 budget as presented by President Muhammadu Buhari in 2016.
Senate President, Dr. Bukola Saraki, believes that the Buhari-led Federal Government is on the right track with its economic recovery plans to ease the pains caused by the state of the economy.
“The budget is based on a benchmark of 2.2 million barrels a day. The oil price of about $42.5 is realistic – probably it would be much better than that,” he told Channels Television.