Minister of State for Budget and National Planning, Mrs Zainab Ahmed, has disclosed that the Federal Government was already having discussions with the World Bank for a possible $2 billion, as well as the African Development Bank (AfDB) for another $1 billion.
Speaking in an interview on Tuesday in Abuja, the Minister said the money would be used to carry out development projects in the country.
“From the World Bank, we are hoping to get $2 billion,” Mrs Ahmed was quoted by Bloomberg as saying.
In February 2017, Nigeria raised $1 billion of Eurobonds and further got $500 million a month later from the same process.
Proceeds from the exercise were to finance projects approved in the 2016 budget.
Yields on the bonds sold in February and maturing in 2032 was little changed at 7.23 percent at 1:09 pm in Lagos, with the drop since they were issued being 65 basis points, Bloomberg reports.
The Minister says government would be returning to the market for a new fundraising round for this year’s spending plans.
At the moment, the National Assembly is yet to pass the 2017 budget worth N7.3 trillion. It is likely to be approved before the end next month.
