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Federal govt suspends plans to borrow $950m from foreign investors

The Nigerian government has suspended its plans to borrow from the international debt market by offering Eurobond to raise funds for 2022 budget deficits.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed who disclosed this said, the market was unfavourable during the time frame approved for the fundraising.

“We were not able to do that (issue the Eurobond) because the market pricing was not good and also the approval period for us has closed.

“The approval period was up to May 31, 2022. So, we are not going to be able to take that one anymore,” the Minister was quoted as saying by Bloomberg on the sidelines of the Islamic Development Bank meetings in Egypt.

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