The Debt Management Office on Friday listed its first Eurobonds on FMDQ Securities Exchange platform to fund the budget deficit and other financing needs of the Federal Government.
Oniha said the proceeds of the Eurobonds would be used to fund the fiscal deficit as well as other financing needs of the country. According to her, the Eurobonds are in line with the Federal Government’s debt management strategy aimed at achieving lower cost. “A large part of it will be funded by new borrowing of N1.649 trillion and 50 per cent of that is provided as external right there in the appropriation Act, which means we will be borrowing externally.
“So, whatever borrowings you see here listed in whatever form are borrowings approved in one way or the other either through the budget process or a special process,’’ she said. She explained that the initiative had opened ways for not only the Federal Government but states, corporates and the capital market in general.