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UPDATE 1-Nigeria debt office says may tap Eurobonds after all

Published 19/06/2019, 15:19
UPDATE 1-Nigeria debt office says may tap Eurobonds after all

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LAGOS, June 19 (Reuters) - Nigeria may issue Eurobonds if
necessary to help finance its 2019 budget, the debt office said
on Wednesday, a day after its head said no such move was
planned.
Foreign borrowing for the 2019 budget was set at 824.82
billion naira ($2.7 billion), the office said.
The plan is to first access any cheaper funding from
multilateral and bilateral lenders. "Thereafter, any balance
will be raised from commercial sources which may include
security issuance such as Eurobonds," it said in a statement.
Nigeria, which emerged from recession last year, has
borrowed abroad and at home over the past three years to help
finance its budgets and to fund infrastructure projects, but
debt servicing costs are rising.
On Tuesday, debt office head Patience Oniha told a
conference in Lagos there were no plans to issue Eurobonds this
year.

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