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Why FEC approved fresh $2.2bn borrowing plan for Nigeria – Finance Minister, Edun

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The Minister of Finance, Wale Edun, has explained that the Federal Executive Council approved a fresh $2.2 billion borrowing plan for Nigeria to enable the country’s access to the international capital market for a combination of the Euro bond and SUKUK financing.

Edun disclosed this on Thursday, while briefing journalists at the Presidential Villa. According to him, the fresh borrowing plan of $2.2 billion is made up of $1.7 billion and SUKUK financing of $500 million, aimed at strengthening the country’s finances and boosting economic reforms. The Minister noted that if approved by the National Assembly, the borrowing plan will strengthen the country's financial market.

' He added that Nigeria being able to access the international capital market is a sign of acceptance and support for President Bola Ahmed Tinubu's economic reforms.

 

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