Senate approves $2.8 billion Eurobond, issues debt warning   

19 October 2018 : The Senate has approved the Federal Government’s planned $2.8 billion Eurobond issue according to news reports. However, legislators have advised the government to limit foreign borrowing and rather focus on boosting revenues to finance expenditure. According to the head of the Debt Management Office, the sale of the Eurobond is expected within the year and would represent the first foreign borrowing effort to fund the 2018 budget. We recall that President Buhari signed the country’s biggest budget ever (N 9.1 trillion) in June 2018 with an increase in infrastructure spending and Nigeria’s economy is expected to grow by 1.9% this year. The government has also appointed Citigroup Inc. and Standard Chartered Plc to jointly manage the transaction. 

Reporting for EasyKobo on Friday ,19 October 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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