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Jonathan Seeks Legislative Approval for $1.1 billion Bond Sale

By on November 14, 2012

In a bid to continue a programme initiated under the administration of President Umar Musa Yar’Adua,” President Goodluck Jonathan has requested permission from the house to issue bonds worth $1.1 billion.

Earlier the president wrote three letters to the National Assembly requesting for amendments to 2012-2014 Medium-Term External Borrowing Plan as well as a “$100 million Diaspora Bond.”

Jonathan was not specific on the late Yar’ Adua’s projects he wishes to complete but he mentioned in the letter that the Federal Government was putting in place a low-income housing finance facility for Nigerians.

The letter stated, “The federal government is currently developing a low-income housing finance facility to support the provision of affordable homes for Nigerians. This scheme will be financed using a $300 million credit facility from World Bank. We would like to swap this new $300 credit facility with the proposed guarantees for the power sector in the draft borrowing plan, thereby ensuring that we do not increase the overall size of loans proposed in the external borrowing plan.”

Earlier the President said the water project in Rivers State will be financed from the $200 million to be sourced from the African Development Bank (ADB).

In the two letters, the president also requested that the house approve the 2013 budget proposal of the Universal Service Provision Fund (USPF) and the Nigerian Communications Commission (NCC).

The House of Representatives on the other hand gave its standing committees two days to submit their findings on the oversight carried out on Ministries, Departments, and Agencies (MDAs) across the country on the implementation level of the 2012 budget.

Although problems still persist between the house and the executives over the implementation of the 2012 budget.