The Nigerian Government Plans to raise a total of $1 billion in external borrowing through the issuance of Eurobonds.
In conjunction with the Eurobond issuance, the Federal Government has contracted Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., to guide it and ensure the bonds are well managed and achieve its targeted goal. It also appointed Standard Chartered Bank and the Lagos-based financial advisory firm, Chapel Hill Denham, to consult on this venture.
This external funding is vital for Nigeria as it seeks to finance a substantial budget deficit outlined in President Bola Tinubu’s N28.8 trillion ($18 billion) spending blueprint for 2024, targeting a fiscal shortfall of N9.8 trillion, or 3.8 percent of its GDP.
Chinedum Anayo