Nigeria Government Sets To Borrow $3.5bn Foreign Loans To Fund Budget

The budget office has stated that Nigeria plans to raise $3.5 billion (c.1.068 trillion) and $4 billion (c.1.220 trillion) to fund the 2017 budget deficit of 2.21 trillion (c.2.2% of GDP).

Analysis of the planned borrowing includes $2bn which will come from concessionary loans with $1.5 billion balance that would be funded through Eurobonds.

Nigeria raised $1.5bn in Eurobonds in Q1’17 at a weighted average yield of 7.75% amidst strong investor interest (6.8x oversubscribed). Read:Nigeria Economic Recovery Cosmetic, Says World Bank

 

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