Nigeria’s Acting President is seeking the approval of the House of Representatives to issue a Eurobond Debt Instrument of 500 million dollars for implementation of the 2016 budget.

In a letter read by Speaker of the House Yemi Osinbajo said while the approved Domestic Borrowing has not been fully incurred, the 636 billion naira External Borrowing is yet to be fully accessed.

The Acting President puts external borrowings incurred from the African Development Bank to date at 600 million dollars, and one billion dollar Euro bond from the International Capital Market.