Nigerian Senate

The Senate will on Tuesday pass the budget for the 2019 general elections and Eurobond to finance the 2018 Appropriation Act.

The Senate had last week approved virement of the sum of N189, 007,272,393 in the 2018 Appropriation Act to the budget of the Independent National Electoral Commission to conduct the 2019 general elections.

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The approval had followed the adoption of an interim report by the Senate Committee on Appropriations at the plenary on Thursday.

The lawmakers had scheduled the approval of the budget of security agencies for the elections for Tuesday.

President Muhammadu Buhari had sought virement of N242, 445,322,600 in the 2018 budget to fund the polls.

The Senate and House of Representatives Committees on Appropriations, together with other relevant committees, had on Thursday met with heads of security and safety agencies who defended their budgets for the polls.

The joint committee again met on Monday to finalise work on their report which is billed for laying before both chambers on Tuesday.

The Senate Committee on Local and Foreign Debts is also expected to present a report on the external borrowing plan of the Federal Government totalling $2.868bn.

The Senate had on Wednesday considered Buhari’s request on “the implementation of the new external capital raising of $2.786bn from the International Capital Market approved in the 2018 Appropriations Act, and the External Capital Raising of $82.54m to refinance the balance of $500m matured Eurobond in the International Capital Market.”

The request was referred to the Committee on Local and Foreign Debts, which was mandated to report back on Tuesday (today).