logo

Financial

Why Nigerian lawmakers were asked to approve $2.79 billion Eurobond by President Buhari

PUBLISHED: Wed, 10 Oct 2018 13:55:47 GMT

ABUJA (Reuters) – Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond, in a letter read in the upper chamber of parliament.

He said he wanted the Eurobond to be issued in the international capital market for the “implementation of new external borrowing” that had already been approved in the 2018 budget to help finance the budget deficit and to fund infrastructure projects.

Reporting by Camillus Eboh and Paul Carsten, writing by Alexis Akwagyiram; Editing by Kevin Liffey


Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.