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Nigerian govt to borrow from foreign debt markets

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DMO: Domestic debt servicing increased by over N247bn in 2017

The Federal Government has announced plans to go into the international debt market this year after suspension in 2020 due to the pandemic.

This was disclosed by the Director-General of the Debt Management Office (DMO), Patience Oniha, during a chat with Reuters on Wednesday, April 7, 2021.

According to her, the country will issue Eurobonds for 2021and details will be released soon and advisers for the transaction will be an open bid process.

She also assured that the Eurobond will be within the external borrowing plans for 2021 as stated in the budget.

READ ALSO: DMO offers two new FG savings bonds for subscription at N1,000

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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