Nigerian govt to borrow from foreign debt markets — Daily Times Nigeria

Nigerian govt to borrow from foreign debt markets

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Following a suspension in 2020 due to the pandemic, the Federal Government has announced plans to re-enter the international debt market this year.

Patience Oniha, the Director-General of the Debt Management Office (DMO), revealed this during a Reuters interview on Wednesday, April 7, 2021.

According to her, the country will issue Eurobonds in 2021, with specifics to be published soon and an open bidding procedure for advisors.

She also confirmed that the Eurobond would be included in the budget’s external borrowing plans for 2021.

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A Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued.

Nigeria’s outstanding Eurobonds debt as at December 2020 stood at $10.87 billion, accounting for almost 30 percent of Nigeria’s N12.71 trillion external debt.

Also Data from the Central bank of Nigeria (CBN) showed that in 2020, $5.76 billion was spent servicing external debts from January to December.

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