Nigeria May Sell $1b Eurobond Before Friday—Adeosun

By Modupe Gbadeyanka

Minister of Finance, Mrs Kemi Adeosun, has disclosed that the Federal Government may consider launching a $1 billion Eurobond sale before the end of this week.

Mrs Adeosun made this disclosure on Wednesday while speaking with newsmen in Abuja.

According to the Minister, the government may likely carry out the sale of the planned $1 billion sale of Eurobonds before Friday.

She confidently informed journalists that the FG was on course.

“We’re on course with everything we’re doing,” Reuters quoted Mrs Adeosun as telling reporters in Abuja.

In November 2016, Business Post reported that the Debt Management Office (DMO) had shortlisted some banks to manage the proposed plan by the Federal Government to sell $1 billion Eurobond before the end of 2016.

But in December 2016, the FG appointed Citigroup, Standard Chartered Bank and Stanbic IBTC Bank to manage the $1 billion Eurobond sale.

Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget, Business Post reports.

Low prices for crude and militant attacks in its crude-producing heartland, the Niger Delta, have slashed its oil revenues.