Nigeria is taking another $2.86 billion foreign loan

Nigeria is taking another $2.86 billion foreign loan

President Muhammadu Buhari said the loan will be used to cater for key projects in the 2018 budget.

  • Nigeria is planning to take a fresh $2,86 billion external loan.

  • President Muhammadu Buhari said the loan will be used to cater for key projects in the 2018 budget.

  • The country’s foreign debt stands at $22.08billion  amid growing concerns from the international community.


Nigeria is planning to take a fresh $2.86 billion external loan to fund fiscal deficit and finance key infrastructure projects in the 2018 budget.

Nigerian President, Muhammadu Buhari, in a letter, addressed to the National Assembly on Tuesday, October 9, 2018, requested for the approval of a fresh $2,868,540,000 external loan.

The letter reads in part, “Pursuant to Sections 21 (1) and 27 (1) of the Debt Management Office (Establishment Etc) Act, 2003, I hereby request for distinct and specific resolutions of the National Assembly to:

“Issue USD2.786 billion in Eurobonds and other securities in the international capital market for the implementation of New External Borrowing approved in the Federal Government of Nigeria’s 2018 Appropriation Act, for the part-financing of the 2018 budget’s fiscal deficit as well as to finance key infrastructure projects in 2018 budget.

“And issue Eurobonds and other securities in the international capital market for the refinancing of USD82.54 million, being the balance of the five-year, USD 500 million mature Eurobonds.

 

 

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