Nigeria to use $483.4m to service foreign debt in 10 years

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    LAGOS, July 11  – Nigeria’s debt office plans to use $483.4 million to service its foreign debt over a 10-year period and make repayments starting from next year as its dollar debts begin to mature, it said in its annual report.

    Debt Management Office (DMO) projects debt service repayments to amount to a total of $4.47 billion to be made in 2018, 2021 and 2023.

    Nigeria issued a debut eurobond in 2011 with a follow up tranche in 2013. Between February and March the West African country issued $1.5 billion due in 2032.

    The DMO report said Nigeria’s debut $500 million bond will mature in 2021, while a $1 billion will be due next year.

    Africa’s biggest economy expects a budget deficit of 2.36 trillion naira this year as it tries to spend its way out of a recession. It expects to raise money to cover the gap from domestic and foreign sources.

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    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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