FG to float $1bn Euro bond

BY OKEY NDIRIBE AND EMMAN OVUAKPORIE

The Federal Government has requested the endorsement of the National Assembly? for the floating of a one billion dollar bond to execute infrastructural projects across the country for the period 2013-2015.

The Government also wants approval for? another $100m diaspora bond.

This was disclosed Monday by the Minister of Finance and Coordinating Minister for the Economy Dr. Ngozi Okonjo-Iweala while defending the 2013-2015 Medium Term Expenditure Framework before the House of Representatives? Committee on Aids, Loans and Debt Management.

Okonjo-Iweala, who put the country?s total external debt at $6.2 billion as at the end of September, declared that all loans were meant to promote serious infrastructural development.

Okonjo-Iweala, announcing the amendments to the external borrowing plan as contained in the Medium Term Expenditure Plan, said: ?We are proposing three amendments to this external borrowing plan: We have an amendment to add water supply project for Rivers state to the tune of 200 million dollars. This will be supported through the ADB to be a concessional loan with 40 years? duration and ten years of grace attracting only? 0.7 per cent charge.

?We also propose to swap some of the existing loans in this plan to take them out and substitute in their place, a facility to kick start Housing mortgage finance in Nigeria. And we are thinking that this will be to the tune of about $300m .?

Throwing more light on the Minister?s submission, the Director-General of the Debt Management Office (DMO) said Nigeria?s owed? N6.3 trillion internal debt? as at last September.

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Source: http://www.vanguardngr.com/2012/11/fg-to-float-1bn-euro-bond/

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