2017 Budget: FG Steps Up Borrowings With Additional $2.5bn Eurobond


The Federal Government has stepped up its aggressive borrowing measures as Debt Management Office, DMO, indicated that it would be raising additional USD2.5 billion [ about N917 billion] through a fresh Eurobond offer in November 2017.


Director-General of DMO, Patience Oniha made this known at the 2017 edition of Nigerian debt capital markets conference and awards, organised by the FMDQ OTC securities exchange in Lagos, Thursday.


Oniha said borrowing would enable the country bridge funding gap in the 2017 budget.


She said the proposed Eurobond issuance would complement the USD 1.5 billion raised from the international market in march 2017, adding that the nation’s treasury bills portfolio currently stood at N3.7 trillion , adding that DMO planned to refinance it with foreign borrowing to reduce pressure on the domestic market.