The Minister of Finance, Kemi Adeosun, has said that the Federal Government is considering selling Eurobonds to fund the 2016 Budget which is put at N6.07 trillion.
If the Government goes ahead with the plan, it will be the first time since 2013 that the Nigerian Government issued an international debt.
Adeosun confirmed to Bloomberg in an interview, stating that this decision will be based on a medium-term fiscal plan projecting spending to increase about 25 percent from 2015 to 6 trillion naira ($30.1 billion).
“We need to stimulate the economy because we cannot afford this downturn to be excessively prolonged,
We think we have the headroom to borrow. We’re going to mix it between local and foreign debt. We’re talking to multilateral agencies already and we’re at an advanced stage. Then we’ll look at the foreign capital markets.”