Reps Approve PMB’s $300m Diaspora Bond Request

The House of Representatives has approved a request by President Muhammadu Buhari for the increase of the Diaspora Bond from $100 million Euro Bond to $300 million Euro Bond, which will be raised from the international  market.

The President had on September 29, 2015 written both chambers of the National Assembly, requesting the increase of Diaspora Bond as captured under the Federal Government’s External Borrowing Plan 2016 – 2018.

The lawmakers in the Green Chamber had during the consideration of report of the Adhoc Committee mandated to work on the presidential request at the Committee of the Whole presided over by Deputy Speaker Yusuf Lasun, voted in support of the committee’s recommendation.

However, going by reports, the Diaspora Bond is aimed at diversifying government sources of funding and taking advantage of Nigeria large Diaspora population.