The Federal Executive Council (FEC) has approved a $2.2 billion financing program for external borrowing, which may include a Eurobond and Sukuk bond offer.
This announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a press briefing after the FEC meeting held on Wednesday at the Presidential Villa, Abuja.
The financing initiative aims to bolster Nigeria’s fiscal resources, addressing budget deficits and supporting economic growth through strategic external borrowing.
” The first one was to complete the borrowing programme of the Federal Government in terms of external borrowing with the approval of a $2.2 billion financing programme.
” It is made up of access to the international capital market for some combination of the Euro bond offer and the Sukuk bond offer, and perhaps a Euro bond of about $1.7 billion.
“Sukuk financing of another $500 million the actual makeup of the financing which will be done as soon as the National Assembly has considered and hopefully approve the borrowing plan.