The commercial loans obtained by Nigeria through Eurobonds have risen from $1.50 billion as of December 31, 2015 to $10.87 billion as of December 31, 2020.
This indicates a $9.37 billion or 625 percent increase in five years.
The debt stock remained at $1.5 billion from 2015 to 2016, but rose to $6 billion by 2017.
This indicates a $4.5 billion or 300 percent rise within a year.
It further rose to $10.87bn in 2018, signifying an increase by $4.87bn or 81 percent.
It remained at this figure till the end of 2020.
However, the Federal Government still intends to seek more funding through Eurobonds, which would increase Nigeria’s Eurobonds debt stock.
According to a statement issued by the Debt Management Office, tthe Federal Government had appointed transaction advisers to facilitate the issuance of Eurobonds in the international capital market.
The institutions approved by the Federal Executive Council as transaction advisers include JP Morgan, Citigroup Global Markets Limited, Standard Chartered Bank, Goldman Sachs, Chapel Hill Denham Advisory Services Ltd, FSDH Merchant Bank Ltd, White & Case LLP, and Banwo& Ighodalo.
The DMO said it would speed up Eurobonds issuance activities based on the transaction advisers ‘approval, with the issuance of Eurobonds raising funds for the New External Borrowing of N2.34tn (about $6.2bn) provided in the 2021 Appropriation Act to partly finance the deficit.
It added that the funds raised would be used to finance different projects in the budget, while boosting foreign exchange inflow, increasing Nigeria’s external reserves, and supporting the naira exchange rate.