The Federal Government (FG) has picked heavy-weight US lenders such as JPMorgan Chase & Co., Citigroup, Goldman Sachs alongside UK’s Standard Chartered as international bookrunner for an upcoming Eurobond issuance, the country’s debt office had said in a statement.
Aside from that, Nigeria’s Debt Management Office (DMO) was quoted saying that the Government’s Eurobonds were targeted to raise as many as N2.343 trillion at N411.48 to the U.S dollar to partly downsize its budget deficit for fiscal 2021, as the largest African economy by size has been grappling with a severe economic downturn led by the pandemic’s fiscal upheaval.
Meanwhile, addressing to costs and risks associated with the hovernment’s latest plan to raise funds through Eurobonds, the Debt Management Office said, “Whilst the government expects a successful outing, it will be mindful of costs and risks in terms of tenor and pricing in determining the amounts of Eurobonds to issue”.
In factuality, latest move from the Nigerian Government of President Muhammadu Buhari came forth amid growing protests against economic struggles with activists charging Buhari of gobbling up debts since taking the office back in 2015s, while an indeginous separatist group IPOB have long been threatening to splinter the economy.
