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NIGERIAN SENATE APPROVES EUROBOND ISSUE WORTH US$2.786bn
The Nigerian Senate have given approval for a US$2.786 billion eurobond issue.
The Nigerian Senate have approved a US$2.786 billion Eurobond issue. While approving the eurobond, the senate also urged the country to focus on increasing revenue and limit its foreign borrowing. This it says is to avoid a cleverly managed re-conquest of our country through a debt overhang as the government in 2016 embarked on a three-year plan to borrow more money from foreign countries.
Nigeria currently wants 40 percent of its loans to come from offshore to ensure lower borrowing costs. This will also help the country fund its high budgets. According to the Nigerian senate the newly approved bond issue will up foreign borrowing to 32 percent. This will be an increase from 30 percent of Nigeria’s total debt as at June 2018.
The government has designated Citigroup, Standard Chartered Bank, and also a local firm FSDH Merchant Bank as the financial advisers on the bond issue.
The Nigerian senate also confirmed a debt issuance worth US$82.54 million. This debt issuance is to re-finance the balance of a US$500 million matured Eurobond.