Nigeria borrows n410bn for capital projects in 2018 budget dmo
According to the Debt Management Office (DMO) of Nigeria, the country borrowed N410 billion in 2018 to finance capital projects in the 2018 budget.
Here are some key details about the borrowing:
- Amount borrowed: N410 billion (approximately $1.1 billion USD)
- Type of borrowing: The borrowing was done through the issuance of FGN Bonds (Federal Government of Nigeria Bonds) and Sukuk (Islamic bonds)
- Purpose: The borrowed funds were used to finance capital projects in the 2018 budget, which included infrastructure development, transportation, power, and other sectors
- Tenor: The borrowed funds had a tenor of 5-7 years, with some bonds having a longer tenor of up to 15 years
- Interest rate: The interest rate on the borrowed funds ranged from 13.5% to 15.5% per annum
The DMO is responsible for managing Nigeria's debt, including issuing bonds and other debt instruments to raise funds for the government. The agency also ensures that the country's debt is sustainable and manageable.
It's worth noting that Nigeria's debt has been increasing in recent years, driven by a combination of factors including a growing economy, increased infrastructure spending, and a need to finance budget deficits. However, the government has been working to improve the country's debt management practices and ensure that the debt is used efficiently and effectively.