Acting President, Prof. Yemi Osinbajo Wants To Borrow $500m

Acting President, Prof. Yemi Osinbajo, on Wednesday wrote the National Assembly, seeking approval to float another $500m Eurobond. The request was contained in a letter he wrote the legislature in Abuja. At the House of Representatives, the Speaker, Mr. Yakubu Dogara, read Osinbajo’s letter to members during Wednesday’s plenary. “The Act also provided for domestic borrowing of N1.1tn and external borrowing of N635.8bn in items 245 and 246, respectively. The Speaker may also wish to note that whilst the approved domestic borrowing has been fully incurred, the N635.8bn external borrowing has not been fully accessed. “The external borrowing incurred to date consists of $600m from the African Development Bank and $1bn Eurobond from the international capital market only. Thus, based on the 2016 appropriation and applying the average exchange rate, there is headroom to access further international funds.”

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