Nigeria has no plans to go to eurobond market this year

Nigeria has no intention to borrow funds from the International Capital Market (ICM) this year, the director general of the Debt Management Office (DMO) has said.
The last time Nigeria was in the market to borrow was in November last year when it raised $2.86 billion from Eurobond.
Asked whether the government would consider a U.S. dollar-denominated Eurobond, Patience Oniha said, “For 2019, given the process, I would say no.”
Nigeria approved a three-year plan in 2016 to borrow more from abroad. It wants 40 percent of its loans to come from offshore sources to lower borrowing costs and help to fund record-high budgets.
In this year's budget, Nigeria had proposed to borrow 802 billion naira from external source out of the 1.86 billion naira budget deficit proposal.

Nigeria, which emerged from recession last year, has borrowed abroad and at home over the past three years to help finance its budgets and to fund infrastructure projects, but debt servicing cost is also rising.
The government has said it wanted to tap concessionary long-term loans to finance its 2019 budget in addition to borrowing at home.
The West African country borrowed $3 billion via Eurobonds in 2017, part of which it used to fund its budget that year. It then followed with a $2.5 billion Eurobond sale last year to refinance local currency bonds at a lower cost. Many Nigerians are not happy with the government borrowing policy as cost of debt servicing has deprived the country of huge resources to fund projects of economic benefits.
Nigeria currently spends 60 percent of its revenue to service its outstanding debt, leaving the country barely with around 40 percent to finance recurrent and capital expenditure.