FEC Approves Issuance Of $2.9bn In Eurobonds

The Federal Government on Wednesday approved the issuance of $2.9 billion in Eurobonds.

The approval was given at the Federal Executive Council meeting presided over by President Muhammadu Buhari inside the Council Chamber of the Presidential Villa in Abuja.

Minister of Finance, Mrs Zainab Ahmed, told State House correspondents after the meeting that the approval would lead to the implementation of external borrowing plan captured in the 2018 budget.

She disclosed that the Council also gave an approval for payment to transaction parties, adding that the sum of N460billion had been released for capital projects as at two weeks ago.

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The Minister of Agriculture, Audu Ogbeh, and that of Labour and Employment, Chris Ngige, also briefed reporters.

Ogbeh said the Council approved loans for families in states of the Niger Delta while Ngige revealed that the meeting sanctioned the recommendation of a Technical Committee of Industrial Relations to peg maximum tenure of unionists at two years.

On his part, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, spoke about the Executive Order Six (EO6).

He insisted that there was no going back on the EO6, stressing that the intense debate that trailed the order would not stop the government from implementing it.

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