Nigeria plans to borrow about $700 million from external sources, a portion of the outstanding $3.5 billion borrowing plan for last fiscal year, the Debt Management Office (DMO) has said.
The debt office, however, didnot provide details of the borrowing plan, but sources said the government could be looking toward multilateral agency for the loan.
DMO director general, Patience Oniha, had said last year that Nigeria was in talk with the World Bank about concessionary loans.
The government raised $5.3 billion in the international market last year, selling $5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.
The debt office said the country raised 1.254 trillion naira from the domestic debt market last year and released around the same amount for capital projects over six months due to delays in implementing the budget.
The DMO expects more capital release as the 2017 budget is still being implemented.
Nigeria has faced budget implementation delays for years due to disagreements between lawmakers and the presidency over plans on how the supply of state funds to the tiers of government should be allocated.
The government raised $5.3 billion in the international market last year, selling $5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.
The debt office said the country raised 1.254 trillion naira from the domestic debt market last year and released around the same amount for capital projects over six months due to delays in implementing the budget.
The DMO expects more capital release as the 2017 budget is still being implemented.
Nigeria has faced budget implementation delays for years due to disagreements between lawmakers and the presidency over plans on how the supply of state funds to the tiers of government should be allocated.
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