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HomeTop NewsNigerian senate approves $1.5 bln, €995 mln external borrowing for FG

Nigerian senate approves $1.5 bln, €995 mln external borrowing for FG

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The Nigerian parliament on Tuesday approved $1.5 billion and Euro 995 million external borrowings for the Federal Government in 2021.

The Senate approved followed consideration of the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government at plenary.

Chairman of the Committee, Senator Clifford Ordia, presented the report.

Nigeria had proposed to spend N5 trillion in excess of its spending estimate for this year, with the intention to borrow half of the deficits from external sources and the remaining balance from the domestic market.

READ THIS ALSO: African nations slow down Covid vaccines rollout due to lack of funding capacity

Patience Oniha, the director-general of the Debt Management Office (DMO) said early in the month that Nigeria is planning to raise its first Eurobond this year to finance the budget gap, it first since 2018.

The government had planned a Eurobond issue early last year to fund its budget deficit before it decided to defer the sale due to the turmoil caused by the COVID-19 pandemic.

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