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HomeBusinessNigeria will not issue Eurobond this year, says finmin

Nigeria will not issue Eurobond this year, says finmin

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Nigeria’s debt trajectory is sustainable the country’s finance minister said on Wednesday, adding that it planned to bring its key debt service-to-revenue ratio down sharply this year and would not borrow on the international capital markets.

“Yields on international bonds are too high for Nigeria to consider selling Eurobonds this year, Zainab Ahmed said.

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Nigeria’s government spent 80 percent of its revenue on debt servicing last year, a ratio that could rise to around 100 percent, the International Monetary Fund (IMF) estimates.

“Eighty percent is not sustainable and our plan is that it is coming down to 60 percent in 2023,” Zainab Ahmed said in a Bloomberg TV interview, adding that the country expected to produce 1.6 million barrels of oil a day this year.

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