The federal government has set October 11, as the date to shop for new creditors to help finance the 2021 budget deficit.
This is according to reports from Reuters on Monday, which quoted the Minister of finance Zainab Ahmed as saying the country will hold roadshows in Lagos and New York to raise roughly $3 billion through the issuance of Eurobond.
Eurobonds are debt instruments aimed at raising funds externally. It is expressed in terms of U.S. dollars or other currencies.
“We have an approval in the 2021 budget to fund the budget deficit 50% locally and 50% externally,” Ahmed said
“We are planning to do about half of that in eurobonds and the other half through other windows such as multilateral and bilateral sources.”