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Nigerian Federal Government Rules out Eurobonds this Year

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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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