Reps Approve More Loan For the Presidency.

The House of Representatives has approved the request of the Presidency to raise funds from the Eurobond market.

The $2.7 billion was listed in the budget as a finance channel for the 2018 spending plan.

This would be the third Euro bond floated by the Nigerian government since 2017. The total value of all the borrowings from this market is an estimated $8 billion.

The lawmakers also gave assent to the government to raise $82.54 million “to refinance the balance of $500m matured Eurobond in the international capital market”.

According to The Punch, the House Committee on Capital Market and Institutions, also gave nine oil firms a 48-hour ultimatum to release documents on their compliance level with regulatory requirements to operate in the country.

Tony Nwulu, Chairman of the Sub-Committee handling an investigation into the compliance of Public Limited Liability Companies with the extant laws regulating their operations in Nigeria, directed their chief executive officers to appear before the panel on Thursday at the National Assembly.

He informed the nine firms that refusal to heed the directive that he would force the House to activate Section 89 of the 1999 Constitution to compel compliance with the directive:

He said: “If any one of you fails to submit your management letters and comply with other requests of the committee by Thursday, we may not have any other option than to use our legislative powers to compel you.

“You have constantly disregarded our requests to submit documents required by this committee. We are giving the Thursday deadline to submit the required documents and for you to appear unfailingly, otherwise, this will leave us with no other option than to invoke our legislative powers.

“The committee will insist that companies quoted on the Nigerian Stock Exchange, which fail to comply, are de-listed from the stock market for failing to meet the aspirations of investors.”