Nigeria prices $1 bln 15-year Eurobond at 7.875 pct

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LAGOS Feb 9 (Naija247news) – Nigeria has priced a $1 billion, 15-year Eurobond at 7.875 percent in an issue that is almost eight times subscribed, the finance ministry said on Thursday.

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The government will seek to have the paper listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange, it said in a statement.

The bond issue is aimed at helping finance a budget deficit exacerbated by lower oil prices and militant attacks in Nigeria’s crude-producing Niger Delta. The naira has also lost a third of its official value last year.

The government has laid out plans to spend a record 6.86 trillion naira ($22.5 billion) to help pull Nigeria out of recession in a draft 2017 budget sent to parliament for approval. It planned to spend 6.06 trillion naira last year, but struggled to fund it.

Finance Minister Kemi Adeosun said the government had a “commitment to invest in developing Nigeria’s infrastructure through a target 30 percent annual budget commitment to capital expenditure.”

The government has set out a $30 billion overseas borrowing plan to finance infrastructure until 2018, but analysts are sceptical on whether it would be able to raise the funds.

 

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

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