The federal government of Nigeria plans to raise 20 billion naira by March 2017 to fund several projects as Nigeria continues to battle recession.
Minister Mohammed says government will sell the bond in the first quarter
The government and its officials have always insisted that the government needs a lot of funds to plug Nigeria’s infrastructure deficit.
“We are on track to sell the bond in the first quarter, a sovereign, and could have another by the end of the year.
“The exchequer can’t get all the money we need. That’s why we must leverage these innovative ways to get funds from the international community,”minister of environment, Amina Mohammed told Bloomberg on Friday, December 9.
Earlier this week, minister of finance, Kemi Adeosun told journalists that Nigeria will issue its third Eurobond, worth $1 billion, in January 2017.
Mohammed listed some of the projects the government is planning to undertake.
Read below:
1. Fund an electric-vehicle commuter project in some cities
2. Tree-planting projects in the north
3. Off-grid solar-power projects producing as much as 1,200 megawatts in the north
4. Support environment-friendly projects in the Niger Delta where the government aims to eliminate gas flaring by 2019
5. Continue the clean-up of the Ogoni land oil spills
Meanwhile, the federal government has dismissed some media reports claiming it is interested in obtaining a loan from the International Monetary Fund (IMF).
According to the spokesperson for the minister of budget and national planning, Mr James Akpandem, the media reports are false.
He said his boss; Mr Udoma Udo Udoma was wrongly quoted in the reports, adding that he never mentioned the IMF in his speech.
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