The Federal Executive Council (FEC) has approved a fresh borrowing plan of $2.2 billion to support Nigeria’s economic recovery efforts.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this decision after the FEC meeting presided over by President Bola Ahmed Tinubu at the State House.
The borrowing plan consists of $1.7 billion in Eurobonds and $500 million in Sukuk financing. This approval aims to strengthen the country’s finances and enhance economic reforms. The funds will be raised through access to the international capital market, pending approval from the National Assembly.
Minister Edun emphasized that this move is a sign of growing confidence in Nigeria’s economic recovery under President Bola Tinubu’s administration.
He also highlighted the resilience of the Nigerian financial markets, citing recent successes in domestic dollar bond issuances that attracted both local and international investors.
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