Acting president Osinbajo finally convinces Saraki on this

Acting President Yemi Osinbajo has met with Bukola Saraki and Hon. Yakubu Dogora behind closed doors.

It was gathered that Osinbajo asked NASS leadership to convene an emergency session of the legislature.

NASS is currently on recess.

Osinbajo plans to persuade NASS to approve the federal government issuance of a $1 billion Eurobond this quarter.

Present at the meeting were the Ministers of Budget and National Planning, Udoma Udo Udoma and his Finance, Mrs. Kemi Adeosun.

FG’s Eurobond issue, amounting to $4.5 billion, is part of FG’s three-year $30 billion external borrowing program.

Read Also: PMB begins payment of petroleum subsidy again

The National Assembly had rejected the planned borrowing last year.

Saraki and Dogora reportedly told Osinbajo that the emergency session would not be necessary.

They said NASS had already approved $3 billion external borrowing, including the $1 billion Eurobond, in the 2016 budget.

Aso Villa sources said both men assured the VP that the $30 billion borrowing plan would not impede the $1 billion Eurobond.

“They informed the acting president that an emergency session was not necessary.

“They also gave their no objection to the $1 billion Eurobond, since an external borrowing program of $3 billion had already been approved in the 2016 budget.

Read Also: Again, Central Bank refuses to reduce interest rate

Briefing newsmen after the meeting at the State House, Saraki said: “We met on the economy and the budget.

“Myself, the vice-president and the Speaker, Minister of Budget and Minister of Finance.

“We are aware that the economic team will soon be going on a roadshow (on the Eurobond).

“The meeting was just to brief us and let us know the issues and just carry us along.

“We have just started the budget defense so there are no issues. These are just consultations.”

Last November, the federal government indicated that it would issue the $1 billion Eurobond in the first quarter of this year.

FG had appointed Standard Chartered Bank and Stanbic IBTC Bank to manage the planned $1 billion Eurobond.