0 Shares 114 Views

Why FEC Approved Fresh $2.2bn Borrowing Plan for Nigeria – Finance Minister Edun

gisthub Nov 15, 2024
0 115

The Minister of Finance, Wale Edun, has revealed that the Federal Executive Council (FEC) has approved a new $2.2 billion borrowing plan to enable Nigeria to access international capital markets through a combination of Eurobonds and SUKUK financing.

Speaking to journalists at the Presidential Villa on Thursday, Edun explained that the borrowing package includes $1.7 billion in Eurobonds and $500 million in SUKUK financing.

The funds are intended to bolster the country’s financial position and support economic reforms.

Edun emphasized that the plan, if approved by the National Assembly, would help strengthen Nigeria’s financial market and stimulate economic growth.

“The first one was to complete the borrowing programmeme of the federal government in terms of the external borrowing with the approval of the $2.2 billion financing programmeme made up of access to the international capital market for some combination of the Eurobond offer and the Sukuk bond offer.”

Edun added that Nigeria’s ability to access the international capital market reflects a vote of confidence and support for President Bola Ahmed Tinubu’s ongoing economic reforms.

“Being able to access the international capital market is also a sign of the acceptance and the support for the macroeconomic programme of Mr President and indeed his entire administration, as we know that economic programme, that economic recovery and revival programmeme to turn around the economy, is focused on macroeconomics—the macroeconomic pillars of market pricing of the PMs and market pricing of foreign exchange.”

This development coincides with the continued rise in Nigeria’s external borrowing, which reached $4.89 billion as of June 2024, according to data from the Debt Management Office.

You may be interested

Military Kills 1,770 Terrorists, Arrests Over 3,000 In North-West – CDS
Government
0 shares21 views

Military Kills 1,770 Terrorists, Arrests Over 3,000 In North-West – CDS

gisthub - Apr 25, 2025

  The Chief of Defence Staff, General Christopher Musa, has disclosed that the Nigerian Armed Forces neutralised at least 1,770 terrorists and arrested…

Bloom PFM earns ISO certification
General
0 shares25 views

Bloom PFM earns ISO certification

gisthub - Apr 25, 2025

Bloom PFM, a Nigerian facility management firm, has earned the ISO 9001:2015 certification, marking a significant step in its pursuit of quality and…

Kenyan Woman Shot Dead By Her Babydaddy After Domestic Squabble In The US
Crime
0 shares19 views

Kenyan Woman Shot Dead By Her Babydaddy After Domestic Squabble In The US

gisthub - Apr 25, 2025

A tragic incident occurred in the United States on Tuesday, April 22, 2025, when Hulda Bochere Mosiori, a 42-year-old mother of four from…

Leave a Comment

Your email address will not be published.

Most from this category