- Nigeria plans to issue Eurobonds worth up to $2.3 billion as part of efforts to refinance maturing debt and fund the 2025 budget deficit, according to Sanyade Okoli, Special Adviser to the President on Finance and the Economy.
Okoli disclosed this on Wednesday during an investors’ forum held on the sidelines of the IMF/World Bank Annual Meetings in Washington, D.C.
She said the engagement was aimed at building investor confidence ahead of the government’s return to the international capital market.
“For the 2025 fiscal year, our domestic borrowing programme is almost complete, with all securities fully subscribed. We’re grateful for investors’ confidence in the Nigerian story,” Okoli said.
“Looking ahead, we expect to approach the international capital market later this year, subject to market conditions and transaction adviser guidance. We plan to issue Eurobonds of up to about $2.3 billion, which will also help refinance the $1.18 billion Eurobond maturing in November.”
President Bola Tinubu had earlier sought approval from the National Assembly to borrow $2.35 billion in external capital to fund part of the 2025 budget and refinance Nigeria’s existing Eurobond obligations.
In November 2024, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, had said the government planned to raise $1.7 billion through a Eurobond offer and $500 million via Sukuk financing to strengthen fiscal buffers.
Also speaking at the forum, Mohammed Sani Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN), explained that the apex bank’s recent monetary decisions were aimed at controlling excess liquidity and curbing inflation.
“The MPC decided to impose a 75% Cash Reserve Ratio on public sector, non-TSA deposits. That policy tool has helped us absorb much of the excess liquidity, which is why you might not be seeing frequent OMOs,” Abdullahi said.
He added that discussions on capital gains tax with fiscal authorities were in advanced stages, with an announcement expected soon.
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