Nigeria to Issue Eurobond Worth $1 Bn Before Year End

Date:

Nigerian Government plan to sell a Eurobond worth around $1 billion before the end of the year and is in the process of appointing managers for the sale, Finance Minister Kemi Adeosun said on Friday.

Thank you for reading this post, don't forget to subscribe!

The Eurobond is part of Nigeria’s plans to borrow a total of 1.8 trillion naira ($5.8 billion) from abroad and at home to fund an expected budget deficit of 2.2 trillion naira this year.

“We are appointing parties this week, we are hoping to come before the end of the year,” Adeosun told Naija247news at the sidelines of an investment conference at the London Stock Exchange. She gave no details.

“We have headroom and we are very fortunate in that regard, we have very low debt to GDP ratio,” she later told the conference.

Africa’s biggest economy has slipped into recession for the first time in 25 years, brought on by low oil prices that have cut government revenues and weakened the OPEC member’s currency. Crude oil sales make up 70 percent of national income.

The African Development Bank has said it will help Nigeria to overcome its recession. The lender’s board is expected to grant a $1 billion loan at a rate of around 1.2 percent, which Nigeria could use to help plug its deficit.

The finance minister said she hoped oil prices would stabalise around $42 and $50 per barrel. Oil edged higher on Friday, with Brent crude futures 12 cents higher at $51.50.

Adeosun also said the government had spent 770 billion naira on capital expenditures since President Muhammadu Buhari signed the 2016 budget in May.

 

 

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading