Tag 2016 budget fg to raise 1bn via eurobond in november

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Federal Government of Nigeria

2016 Budget

Eurobond Issuance

November 2016

The Federal Government of Nigeria has announced plans to raise $1 billion (approximately N305 billion) through the issuance of a Eurobond in November 2016. This is part of its efforts to finance its 2016 budget, which is estimated to be around N6.06 trillion.

The Eurobond issuance is expected to be a 10-year bond, with a coupon rate of 7.5% and a yield to maturity of 7.75%. The bond will be listed on the London Stock Exchange and the Nigerian Stock Exchange.

The proceeds from the bond issuance will be used to finance the government's budget deficit, which is estimated to be around N2.2 trillion in 2016. The deficit is expected to be financed through a combination of domestic and foreign borrowing, as well as revenue mobilization efforts.

The Eurobond issuance is expected to be a significant milestone for the Nigerian government, as it will be the country's first Eurobond issuance in over a decade. The government has been working to restore investor confidence in the country's debt market, and the Eurobond issuance is seen as a key step in achieving this goal.

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