Abuja - The Senate has approved an increase in the amount to be raised through the Diaspora Bond from the international capital market.
This has been raised from $100 million to $300 million.
The Senate agreed to the increase on the grounds that that the $100 million Diaspora Bond as passed in the 2012-2014 borrowing plan was not enough.
President Goodluck Jonathan wrote to the senate in 2014 requesting for an increase.
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The proposed increase in the Diaspora Bond is to fund critical infrastructure in the country and accommodate a greater number of Nigerians in the diaspora who are interested in investing in the development of their country.
Presenting the report, Chairman of the Joint Committee on Local and Foreign Debts and Finance, Ehigie Uzamere, argued that the $300 million was consistent with the public debt management strategy.
He added that with the dwindling revenue from crude oil sales, it had become necessary to diversify sources of funding for government and for other borrowers particularly in the private sector.
- CAJ News