The Senate on Wednesday approved the sum of $500million Eurobond request by President Muhammadu Buhari to finance the 2016 budget deficit.
TheNewsGuru.com reports that the Senate gave the approval after two hours of closed door session.
Moving the motion for the approval, Deputy Senate Leader, Bala Ibn N’allah explained that time was against the 2016 budget, adding that it would be disastrous to further hold back on the approval.
He urged the Senate to set aside processes that will make it possible for prompt approval.
In his response, Minority Leader, Godswill Akpabio while seconding the motion, said: “despite the lack of consultation, I wish to second the motion to enable the Committee consider the request.”
The Deputy Senate President, Ike Ekweremadu who presided over the Committee however put a vote and it was immediately approved.
TheNewsGuru.com reports that President Muhammadu Buhari had on March 15 written to the National Assembly seeking for another $500 million Eurobond to finance capital projects in the 2016 Budget.