The Senate on Wednesday approved the request of President Muhammadu Buhari for $500 million Eurobond in the international capital market for the funding of the 2016 budget deficit.
The approval was given following a motion move by the Senate leader Ahmed Lawan that the Senate do resolve to committee of the whole to consider the request of the President. The motion was seconded by the Senate minority leader Senator Godswill Akpabio.
When the Deputy Senate President Ike Ekweremadu who presided over the sitting put the approval of the President request into voting, it was unanimously supported by all the Senators present at the plenary.
Briefing Senate correspondent immediately after the sitting, Senate spokesman Senator Aliyu Sabi approval of the $500 million Eurobond in the international capital market for the funding of the 2016 budget deficit by the President is in line with the Senate earlier approval of 2016 appropriation for 12 calendar months.
He urges government ministries and agencies to utilize the remaining period as the 2016 appropriation bill will run to April this year.