The House of Representatives on Tuesday approved the request by President Muhammadu Buhari for $82.54 million to refinance the balance of $500 million matured Eurobond in the international capital market.

The approval was made after the chairman of the Committee on Aids, Loans and Debt Management, Adeyinka Ajayi, presented the report of the committee to the House.

President Buhari had in a letter to the House sought the approval of the House to raise $2.78 billion from the international capital market for part-funding of the 2018 budget.

The president said the amount, approved in the 2018 Appropriation Act, would be used to finance deficits and key infrastructure projects in the 2018 budget.

The loan, according to him, would be raised from Eurobonds and other securities in the international capital market.

In the same letter, Mr Buhari also sought legislative nod for an external capital sourcing of $82.54 million to refinance the balance of $500 million matured Eurobonds in the international capital market.

The Senate had in the previous week approved the same amount for the president and warned him against external borrowing.

Just like the Senate, the House while giving their nod to the president’s request urged the federal government to reduce or limit its request for more external borrowings and source for other means of generating revenue internally.

Part of the committee’s recommendation read thus: “Approve the issuance of USD2.786 Billion from the international capital market approved in 2018 appropriations act.”

“Approve the issuance of USD82.54 million to refinance the balance of USD500 matured Eurobond in the international capital market.”