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Nigerian Federal Government Rules out Eurobonds this Year


The Debt Management Office (DMO) in Nigeria on Tuesday said, The  Federal Government has no plans to return to the Eurobond market this year, after a sixth outing in November raised $2.86bn.

In 2016, Nigeria approved a three-year plan to borrow more from abroad. It wants 40 per cent of its loans to come from offshore sources to lower borrowing costs and help to fund record-high budgets. 

According to Reuters ,the Director-General, DMO, Patience Oniha, at an Islamic finance conference in Lagos Nigeria said “For 2019, given the process, the government would not consider a US dollar-denominated Eurobond.

The Federal Government has also said it wanted to tap concessionary long-term loans to finance its 2019 budget in addition to borrowing at home.

It sold $3bn in Eurobonds in 2017, part of which it used to fund its budget that year. It then followed with a $2.5bn Eurobond sale last year to refinance local currency bonds at lower cost.

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