Heres how much Nigeria is expecting from international sources

diamond hope

January 17, 2018 8:58 AM

Nigeria is expecting $700 million from international sources which will be part of the spending plan.

The Debt Management Office (DMO) said on Tuesday, January 16 2018 that Nigeria is expecting to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan.

Although the DMO gave no details of what specific sources the government would be getting this funding from, the Director-General Patience Oniha was noted as having said in October 2017 that Nigeria is talking to the World Bank about concessionary loans.

In 2017, the Nigerian government raised $2.8 billion in the international market, selling $2.5 billion in Eurobonds in November 2017 and another $300 million via Diaspora bonds earlier.

The DMO said Nigeria has raised N1.254 trillion from the domestic debt market in 2017 and released around the same amount for capital projects over six months due to delays in implementing the budget.

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.

The DMO is said to be expecting more capital release as the 2017 budget is still being implemented.

diamond hope