Nigeria’s bonds sank to near record lows last week as the finance minister failed to calm investor nerves after unintentionally implying the government may ask for a haircut on its debt.Nigeria’s bonds sank to near record lows last week as the finance minister failed to calm investor nerves after unintentionally implying the government may ask for a haircut on its debt.
“It is a case of the damage being done and too late to reverse,” said Richard Segal, a London-based research analyst at Ambrosia Capital. “Many will conclude that mentioning this possibility at all suggests debt management conditions are worse than previously thought.” Neither is pressure set to ease. The government plans to borrow 8.8-trillion naira in both the domestic and international markets in 2023 to plug a budget shortfall estimated at about 4.8% of GDP , higher than a legal threshold of 3% stipulated in Nigeria’s fiscal responsibility law.
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