Minister of Finance Wale Edun has announced the Federal Executive Council’s approval of a $2.2 billion borrowing plan to enable Nigeria’s access to the international capital market through Eurobond and SUKUK financing.
Speaking to journalists on Thursday at the Presidential Villa, Edun explained that the plan comprises $1.7 billion in Eurobond financing and $500 million in SUKUK financing. The funds are intended to strengthen Nigeria’s finances and support ongoing economic reforms.
He emphasized that, once approved by the National Assembly, the borrowing plan is expected to enhance the country’s financial market stability and economic prospects.
“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.”
He added that Nigeria being able to access the international capital market is a sign of acceptance and support for President Bola Ahmed Tinubu’s 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 comes as Nigeria’s external borrowing continues to surge in the months to $4.89 billion as of June 2024, according to Debt Management Office data.
