Home Business Nigeria to raise $3.5bn from foreign loans, Eurobonds

Nigeria to raise $3.5bn from foreign loans, Eurobonds

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Nigeria plans to raise $3.5 billion in foreign loans from the World Bank and international debt markets to help fund its 2017 budget deficit.

Budget Office Director General, Ben Akabueze said $2 billion of the foreign borrowings would come from concessionary loans with the balance of $1.5 billion from the Euro bond market.

$4 billion will be raised from the local debt market.

Akabueze said Nigeria has a shortfall of $7.5 billion for its 2017 budget expenditure.

The country is in its second-year of recession due to low oil prices which has slashed government revenues and hit the naira.

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