On Tuesday, March 17, the Senate gave approval to the federal government’s proposal to raise the current diaspora bond from $100 million to $300 million at the international capital market.
This was as a result of the recommendation of the Senate Committee on Foreign and Local Debt which considered the federal government’s request to increase the bond.
Last year, the government sought Senate’s approval to raise the diaspora bond from $100 million to $300 million, after which the Senate asked the committee to consider the request and make appropriate recommendation to the Senate.
Presenting the report to the parliament, the committee chairman, Senator Ehigie Uzamere, explained that raising funds through Diaspora bond had become a global phenomenon which he said several countries had employed to secure investments from their citizens in the diaspora.
He also said increasing the bond would offer the federal government the opportunity to provide critical infrastructure that will impact on the economy.