The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has approved the $500 million Eurobond from the international capital market to fund the 2016 budget.
This was disclosed by the Minister of Finance, Mrs Kemi Adeosun, at the end of the weekly FEC meeting in Abuja.
The minister told journalists that the next steps in relation to the issuance of the Eurobond would be released later.
The Senate had last Wednesday, approved the request of President Buhari to raise additional $500 million Eurobond from the international capital market to fund the 2016 budget.
She said the council has, as part of government’s ongoing tax reforms, issued a directive to contractors and those doing business with the government to ensure that names of company directors and registered offices are listed on their letter headed papers henceforth.
Adeosun said this is to ensure that tax authorities are able to trace and collect the requisite taxes from establishments transacting business with Ministries, Departments and Agencies (MDAs) of government.
