The plans of the Federal Government of Nigeria to source USD5.5 billion funds from the International Financial Markets comprises of two components: USD2.5 billion new borrowing and USD3 billion for refinancing of existing Domestic Debt.

New Projects Capital Raising
The first component of USD2.5 billion, represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that Budget. It will be recalled that the 2017 Appropriation Act provided for new External Borrowing of N1.067 trillion or USD3.5 billion at an Exchange Rate of USD/N305. Out of this amount, USD300 million has been raised through a Diaspora Bond that was issued in June 2017 leaving a balance of USD3.2 billion out of which USD2.5 billion is to be sourced through the international debt capital markets. The USD2.5 billion proposed capital raising, will be used to finance critical road and rail projects included in the 2017 Appropriation Act.  Continue here: https://www.proshareng.com/news/-Bonds—Fixed-Income/DMO–USD5.5-Billion-Proposed-External-Ca/37151