The Minister of Finance, Wale Edun, has announced that the Federal Executive Council (FEC) has approved a $2.2 billion borrowing plan to enable Nigeria to access the international capital market through a combination of Eurobond and Sukuk financing.
Edun disclosed this during a press briefing at the Presidential Villa on Thursday. He explained that the borrowing plan comprises $1.7 billion from Eurobond and $500 million from Sukuk financing, aimed at strengthening Nigeria’s financial position and supporting economic reforms.
The Minister noted that if approved by the National Assembly, the borrowing plan would bolster the country’s financial market and enhance economic stability.
“This approval completes the federal government’s external borrowing programme, which includes accessing the international capital market through a combination of Eurobond and Sukuk bond offers,” he stated.
Edun further highlighted that Nigeria’s ability to access the international capital market reflects global confidence in President Bola Ahmed Tinubu’s economic reforms.
“Accessing the international capital market demonstrates acceptance and support for the administration’s macroeconomic policies, including market-based pricing for PMS and foreign exchange, which are key pillars of the economic recovery and revival programme,” he said.
This development comes as Nigeria’s external borrowing reached $4.89 billion as of June 2024, according to data from the Debt Management Office.
