Nigeria: Senate Okays FG's Plan for $500 Million Bond

22 January 2009

Abuja — IN another effort to ensure that Budget 2009 stays afloat in the face of falling oil prices in the world market amid a global financial meltdown, the Federal Government will, anytime from now, issue an international bond of $500 million (about N74.5 billion) for subscription.

This became feasible yesterday following the Senate's approval of President Umaru Yar'Adua's request to issue the bond to supplement revenue streams into the 2009 budget.

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