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FG Puts Green Bond Issuance On Hold Till Passage Of 2017 Budget

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FG Puts Green Bond Issuance On Hold Till Passage Of 2017 Budget

 FG Puts Green Bond Issuance On Hold Till Passage Of 2017 Budget

The Minister of State for Environment, Ibrahim Jibril has said that the Federal Government will delay the issuance of its green bonds until the 2017 budget is passed, The Sun reports.

The government had planned to launch the N20 billion bond in April to fund projects to reduce carbon emissions and develop renewable energy. Disclosing the news yesterday in Abuja, Jibril said that following a cabinet meeting, the government shelved plans to launch the green bonds till the 2017 budget is passed, adding that the budget was paramount and must be agreed by the parliament before it could be signed by the President.

“All is set for its formal launch but the budget has to be passed first before the issuance and the budget which was first presented to lawmakers by President Muhammadu Buhari in December, must be agreed by parliament before it can be signed into law by the president, hence the delay”, Jibril said.

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