The Senate has approved the request of President Goodluck Jonathan to raise additional 200 million dollars Diaspora Bond from the international capital market.
President Jonathan had, in a letter addressed to the Senate President, David Mark, sought the approval of the red chamber to increase the initial 100 million dollars earlier approved by the Senate in the 2012 – 2014 Borrowing Plan.
The President had explained that the 200 million dollars increment being sought was necessary in order to fund critical infrastructure in Nigeria and to also afford citizens in the Diaspora an opportunity to invest in the development of their country.
The Chairman of the Joint Senate Committee on Local and Foreign Debts and Chairman of Finance which worked on the request, Senator Ehigie Uzamere, while presenting the report, noted that several meetings were held with officials of the Debt Management Office in the course of their assignment.
He noted that the committee considered the $100m earlier approved in the 2012 to 2014 Borrowing Plan as too small, “considering the life of Nigerians in Diaspora, hence may deny many interested Nigerians in Diaspora”
He explained that proceeds from the bond would be used to fund the construction of the second Niger Bridge; The Lagos-Ibadan Expressway; and procurment of facilities for the Abuja Medical City.
President Jonathan had, in a letter addressed to the Senate President, David Mark, sought the approval of the red chamber to increase the initial 100 million dollars earlier approved by the Senate in the 2012 – 2014 Borrowing Plan.
The President had explained that the 200 million dollars increment being sought was necessary in order to fund critical infrastructure in Nigeria and to also afford citizens in the Diaspora an opportunity to invest in the development of their country.
The Chairman of the Joint Senate Committee on Local and Foreign Debts and Chairman of Finance which worked on the request, Senator Ehigie Uzamere, while presenting the report, noted that several meetings were held with officials of the Debt Management Office in the course of their assignment.
He noted that the committee considered the $100m earlier approved in the 2012 to 2014 Borrowing Plan as too small, “considering the life of Nigerians in Diaspora, hence may deny many interested Nigerians in Diaspora”
He explained that proceeds from the bond would be used to fund the construction of the second Niger Bridge; The Lagos-Ibadan Expressway; and procurment of facilities for the Abuja Medical City.
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