Monday, Aug 20th 2018 6:07 AM
Lagos
+29°C

Market Digest Nigeria

Business

Nigeria expects $700 mln from international sources: DMO

Patience Oniha, DG Debt Management Office

Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but director general Patience Oniha told Reuters in October the country is talking to the World Bank about concessionary loans.

 The government raised $2.8 billion in the international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.

The debt office said the country raised 1.254 trillion naira from the domestic debt market last year and released around the same amount for capital projects over six months due to delays in implementing the budget.

The DMO expects more capital release as the 2017 budget is still being implemented.

Nigeria has faced budget implementation delays for years due to disagreements between lawmakers and the presidency over plans on how the supply of state funds to the tiers of government should be allocated.

Reuters

ALSO READ  Wema Bank Expands Operations
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
SUBSCRIBE NOW!
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.