Eurobond: FG approves issuance of $2.9b

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Finance Minister Zainab Ahmed
The Federal Government has approved the issuance of $2.9 billion Eurobond for the implementation of the 2018 budget.
The Minister of Finance, Zainab Ahmed made this known Wednesday while briefing State House Correspondents after the Federal Executive Council meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
She said the bond was to enable implement the external borrowing plan of 849.6 billion equivalent to $2.786 billion provided for in the 2018 Appropriation Act.
According to her, approval was gotten to raise $82.5million to bridge the shortfall of 500 million Eurobond that matured on the 12th of July 2018.
She further said that FEC approved six transaction parties including Citigroup Global Market Limited, Standard Chartered Bank as joint manager; FSDH Merchant Bank Limited as financial adviser; White and Case LLP, Banwo and Ighodalo as legal adviser and Africa Practice Limited as technical adviser on communication.
Ahmed said they were expected to advise the Nigerian Government on the structure and timing and documentation for the issuance of the Eurobonds and other securities.

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