The Speaker of the House of Representatives, Yakubu Dogara yesterday issued an ultimatum for the submission of reports on the request of the Federal Government for a resolution of the National Assembly for the issuance of $500 million Eurobond in the International Capital Market (ICM) for the funding of the 2016 budget deficit.
Speaking yesterday at plenary, Dogara said the House Committee on Aids, Loans & Debt Management should submit the report on the $500 million Eurobond request by March 7 to enable members debate and if necessary adopt its recommendations.
The committee is headed by Olayinka Ajayi (APC Osun).
The Federal Government had requested for a resolution of the National Assembly for the issuance of $500 million Eurobond in the ICM for the funding of the 2016 budget deficit.
The request was contained in a letter signed by the Acting President Prof. Yemi Osinbajo and addressed to the Speaker of the House of Representatives.
According to the government’s letter, in line with the requirement of securities issuances in the ICM, a specific resolution of the National Assembly is required as a firm confirmation of the approval of the Legislature for the Federal Government of Nigeria to borrow the $500 million through the issuance of a Eurobond Debt Instrument in the ICM.
Also, the Speaker at plenary yesterday announced tomorrow as deadline for the reports from standing committees of the House on the 2017 budget Defence sessions held with Ministries, Departments and Agencies (MDAs)
The Green Chamber had earlier announced February 24 deadline for the submission of the reports on budgets from the various standing committees. However, many of the committees could not meet the deadline.
The House had twice suspended plenary to allow committees have robust budget defence sessions with the MDAs under their supervision, with the hope that they would also have adequate time to prepare and submit their reports.
The budget session reports which were meant to be submitted to the House Committee on Appropriations, According to the Speaker, Is holding up further deliberations and forward movement in the consideration of the 2017 budget.
