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FG okays issuance of $2.9 billion Eurobond

-Approves another $82.5m shortfall of Eurobond
—-$60m loan for 6 Niger Delta States
By Johnbosco Agbakwuru

ABUJA – THE Federal Government has approved the issuance of $2.9 billion Eurobond for the implementation of the 2018 budget.

The approval was disclosed by the Minister of Finance, Zainab Ahmed while briefing State House Correspondents after the weekly Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

Eurobonds
Eurobonds

According to her, “We got approval for the issuance of $2.9 billion in Eurobonds and other securities from the international capital markets.

“They are to enable us implement the external borrowing plan of 849.6 billion equivalent to $2.786 billion, which is provided for in the 2018 Appropriation Act. And this is to fund capital projects in the 2018 budget.

“We also got approval to raise $82.5million to bridge the shortfall of 500 million Eurobond that matured on the 12th of July 2018.”

She further said that FEC approved six transaction parties including Citigroup Global Market Limited, Standard Chartered Bank as joint manager; FSDH Merchant Bank Limited as financial adviser; White and Case LLP, Banwo and Ighodalo as legal adviser and Africa Practice Limited as technical adviser on communication.

She said they were expected to advise the Nigerian Government on the structure and timing and documentation for the issuance of the Eurobonds and other securities.

The Minister also disclosed that the total cost of the six advisory groups was N374 million

She said, “We also got approval for $60 million loan for livelihood improvement family enterprise project in the Niger Delta for six states, while three other states will
join them in the phase two.

FEC okays $64.2m for Escravos power project

“N187 million 600 bullet proof vest and helmets for Nigeria Customs Service in the fight against rice smuggling into the country.”

The three states that will not benefit in the first phase are Akwa Ibom, Rivers and Imo States.

Details later


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