Reps approve Buhari’s $2.786bn Eurobond request but ask FG to limit borrowing

The house of representatives has approved the $2.786 billion loan request of President Muhammadu Buhari for part funding of the 2018 budget.

The lower legislative chamber also approved $82.54 million request to refinance the balance of $500 million eurobond in the international capital market.

The lawmakers approved the request  on Tuesday following consideration of report of the committee on aids, loans and debt management.

On October 9, Buhari had sent a letter seeking the lawmakers’ nod on the request.

The president had sought to raise the $2.78 billion from the international capital market to finance deficits and key infrastructure projects, as approved of in the 2018 budget.

While approving the president’s request, the lawmakers urged the federal government to “reduce or limit its request for more external borrowing and source for other means of generating revenue internally.”

In September, the Debt Management Office (DMO) said Nigeria’s total debt rose to N22.4 trillion in the first half of the 2018 financial year.