The FG will hold off plans to tap into the international debt market for capital to plug 2020 budget gap, finance capital projects and pay off dollar-denominated debt, Finance Minister, Zainab Ahmed, said in Abuja.
Nigeria had planned to raise $3.3bn this year to cover it’s budget deficit of N2.175trn, and refinance a $500m debt that matures early next year as well as some infrastructure projects.
The Minister blamed the decision to shelve the bond issuance on unfavourable market conditions, as oil price continues to tumble and the Coronavirus topple markets around the world.
Segun Adams
