The Federal Executive Council on Thursday approved a $2.2bn external borrowing plan.
This is part of the Federal Government’s external borrowing programme for the 2024 Appropriation Act, the Finance Minister, Mr Wale Edun, told State House Correspondents after the Federal Executive Council meeting at the Aso Rock Villa, Abuja.
The financing initiative will combine Eurobond and Sukuk offerings—estimated at $1.7bn and $500m, respectively, to reinforce Nigeria’s fiscal stability, said Edun, adding that the results of the FG’s economic reforms qualified Nigeria for the international capital market financing.
He said the final allocation between these financial instruments will be determined based on market conditions and advice from transaction advisors, pending National Assembly approval.