Nigeria to raise $700million from international sources -DMO

As part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) has  said on Tuesday that Nigeria is still needs to raise fresh $700 million from international sources.

The DMO though gave no specific details of which sources the government could tap but the director general, Patience Oniha has reportedly said last year that the gorvernment is talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year, selling $2.5 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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