…Eurobond issue seen boosting naira, external reserves
Patience Oniha, director-general of the Debt Management Office (DMO), says the federal government’s proposed $2.35 billion external borrowing plan is a strategic mix of new financing for the 2025 budget and a proactive measure to refinance maturing Eurobonds.
The breakdown of the request, which was sent by President Bola Tinubu to the National Assembly, includes $1.229 billion (N1.843 trillion at the ₦1,500/$ exchange rate) in new external loans to part-finance the 2025 Appropriation Act, and $1.118 billion to redeem Eurobonds issued in 2018, which are due in November 2025.