Nigeria's debt office plans to use $483.4 million to service its foreign debt over a 10-year period and make repayments starting from next year as its dollar debts begin to mature, it said in its annual report.
Patience Oniha Director-General, Nigeria’s Debt Management Office (DMO)
Debt Management Office (DMO) projects debt service repayments to amount to a total of $4.47 billion to be made in 2018, 2021 and 2023.
Nigeria issued a debut Eurobond in 2011 with a follow-up tranche in 2013. Between February and March, Africa's largest economy by gross domestic products issued $1.5 billion due in 2032.
The DMO report said Nigeria's debut $500 million bond will mature in 2021, while a $1 billion will be due next year.
Nigeria projects a budget deficit of N2.36 trillion this year as it tries to spend its way out of a recession. It expects to raise money to cover the gap from domestic and foreign sources.
Courtesy of Reuters
