Nigeria expects $700MN from international sources: DMO

PUBLISHED: Wed, 17 Jan 2018 10:41:39 GMT

Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but director general Patience Oniha told Reuters in October the country is talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.

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The debt office said the country raised 1.254 trillion naira from the domestic debt market last year and released around the same amount for capital projects over six months due to delays in implementing the budget.

The DMO expects more capital release as the 2017 budget is still being implemented.

Nigeria has faced budget implementation delays for years due to disagreements between lawmakers and the presidency over plans on how the supply of state funds to the tiers of government should be allocated.