Reps approve $300m Diaspora bond

The House of Representatives has approved President Muhammadu Buhari’s request to increase the Diaspora bond from $100 million Euro bond to $300 million Euro bond as part of Federal Government’s borrowing plan.

The approval was given during consideration of report of the Ibrahim Babangida-led ad hoc Committee mandated to work on the presidential request at the Committee of the Whole House on Tuesday.

According to the report, the Diaspora bond which  was captured in federal government’s external borrowing plan 2016-2018, was aimed at diversifying government sources of funding and taking advantage of Nigeria large Diaspora population.