Buhari seeks N/Assembly approval for $1 billion Euro-bond

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President Muhammed Buhari

The Federal Government has asked the National Assembly to approve the plan to raise $1 billion through Euro-bond issuance. It was gathered on Tuesday that President Muhammadu Buhari had transmitted a letter to the National Assembly to seek legislative approval for the Euro-bond issuance, which might force the lawmakers to come out of their ongoing recess.

The decision to seek approval was part of the discussion when the leadership of the National Assembly met with Presidency officials on Tuesday. A reliable source, who was privy to the meeting, said the discussion was aimed at preventing the new plan from suffering the same fate of rejection as the $29.9 billion loan plan when it was presented for legislative approval.

The source said, “The fallout of the meeting between the Senate President, Bukola Saraki; Speaker of the House of Representatives, Yakubu Dogara; and the Presidency on Tuesday is that the Federal Government wants the National Assembly to approve its new request for a $1 billion Euro-bond.

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