Nigeria has resolved to borrow $2.7 billion from foreign sources in 2019, the Debt Management Office (DMO), reveals.
It dismissed reports earlier this week that is wasn’t going to offer any Eurobonds in 2019.
In a statement made in Abuja, DMO said the first priority would be to borrow from multilateral and bilateral sources.
The balance, it said, would be borrowed from commercial sources such as Eurobonds.
The DMO issued the statement to clarify a report which said it had ruled out the issuance of Eurobonds in 2019.
The DMO said the plan to borrow $2.7 billion from external sources was contained in the 2019 Appropriation Bill, which was recently signed into law by President Muhammadu Buhari.
The statement said in part, “For the records, the 2019 Appropriation Act provides for new external borrowing of N824.82 billion (the equivalent of $2.7 billion) at USD/N305).
“Consistent with the Debt Management Strategy of reducing debt service cost, the plan for raising the new external borrowing is to first access cheaper funding from multilateral and bilateral lenders as may be available.
“Thereafter, any balance will be raised from commercial sources which may include securities issuance such as Eurobonds in the International Capital Market.”
Source
http://footprint2africa.com/topics/economy/nigeria-confirms-plans-borrow-2-7bn-foreign-market-2019/
