President Buhari Writes Senate, Seeks Approval for $2.786bn Eurobond

The Senate received an Executive communication from President Muhammadu Buhari asking the National Assembly to approve a request for  for the issuance of  $2.786 billion Eurobond for partial financing of the 2018 budget’s fiscal deficit.

The Senators who had been on recess since July 24 upon resumption Tuesday went into an Executive Session that lasted for 20 minutes from 11.05 am to 11.25 am.

THISDAY learnt from reliable sources that during the Executive Session the Senators were frank in their discussions about recent developments in the Senate in particular and the National Assembly at large.

The Senators were said to have agreed to give peace a chance with all members having fruitful discussions about the future of the Eighth Senate as it goes into its last stage.

Other resolutions include that Senators agreed to give peace a chance and avoid allowing the Red Chamber of the Federal Legislature to degenerate into an arena of conflict over partisan and personal issues.

The APC Senate Caucus leadership headed by Senate Leader, Senator Ahmad Lawan , THISDAY further gathered, also extracted a promise from the Senate President, Bukola Saraki, that national interest will continue to take precedent over any other consideration in the activities of the Senate.

The Senators during the Executive Session were reported to have unanimously  agreed not to allow external forces and influence to cause disaffection, disturbance or crisis within the legislature.

After the Executive Session, Saraki read to the hearing of other Senators the Executive Communication from President Buhari from July to September which include that of the issuance of $2.786bn Eurobond to finance the 2018 federal budget’s fiscal deficit.

Buhari in the letter dated July 23 explained that he was requesting for the distinct and specific resolutions of the National Assembly for the $2.786bn Eurobond in line with Sections 21(1) and 27(1) of the Debt Management Office, DMO.

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