How Govt. Plans To Reduce Borrowing Cost - DMO
So, it has been argued over and again that Nigeria’s government has borrowed too much and continues to borrow.
They had always denied it but it appears someone is beginning to acknowledge the fact and saying that government is now working to reduce the cost of these debts.
Ms. Patience Oniha who is the Director General of Debt Management Office said the Federal Government will now have to implement prudent fiscal and debt management in the coming years to reduce the nation’s debt cost.
Ms Oniha spoke at the listing of the FGN 30 year 1.5 billion dollars Euro Bond and FGN 10 year 1.5 billion dollars Euro Bond on the Nigerian Stock Exchange, NSE on Thursday.
The FGN 5 Year 300 million dollars Diaspora Bond was also listed at the event.
Oniha said that government would rebalance its debt and international debt portfolio to 60:40 split in the coming years.
According to her, the government was listing some of the securities issued in the international capital market in 2017 on the NSE because of the role of Nigerian capital market in economic development.
“We have already listed 1.5 billion naira early in the year, and we are coming toward the end of the year to list 3.3 billion dollars Euro Bond,” Oniha said.
Oniha noted that government had assessed the international capital markets four times in 2017 and achieved overwhelming success amidst uncertainty about the perception of Nigeria.
Also Watch: Nigeria Has Reopened For Business – Afrinvest