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FEC approves $2.2bn borrowing plan to boost economic growth
Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja on Thursday approved a $2.2 billion external borrowing plan to strengthen the country’s finances and support economic reforms.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this to State House Correspondents at the end of the meeting.
He explained that the financing package would be raised through a combination of Eurobonds and Sukuk bonds, with approximately $1.7 billion expected to come from the Eurobond offer and $500 million from Sukuk financing.
He added that the move aimed at completing the federal government’s borrowing programme and would proceed once the National Assembly reviewed and approved the plan.
According to Edun, the borrowing would occur within this fiscal year, and the ultimate funding arrangement would be decided by market conditions and transaction adviser advice.
He said, “The first objective is to complete the federal government’s external borrowing program with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds—approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing.
“The actual composition of the financing will be finalized once the National Assembly has considered and approved the borrowing plan. After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.”
The minister said, “The exact combination of instruments will depend on the advice of transaction advisers and market conditions when we decide to enter the market.
“Earlier in the year, we demonstrated the resilience of the Nigerian financial markets and their capacity to handle more complex and sophisticated offerings, such as the domestic issuance of dollar bonds that attracted investors from both Nigeria and abroad.”
As an indication of increased trust in Nigeria’s economic recovery under President Tinubu’s administration, Edun emphasised the significance of this approval.
He used recent triumphs in issuing domestic dollar bonds that drew in both domestic and foreign investors to demonstrate the Nigerian financial market’s tenacity.
He said that this most recent overseas borrowing was made possible by the government’s economic agenda, which includes market-based pricing for important economic variables like foreign exchange and petroleum goods.
President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.
Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.
During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.
Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.
“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.
“Let this tragedy not affect us”, the Nigerian leader said.
The president also said he has no plans to reduce his cabinet or sack more ministers.
For the controversial tax reform bills, he said it has come to stay.
He also revealed he has no regrets removing fuel subsidy.
He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.
President Bola Tinubu will hold first presidential chat since assuming office on Monday night.
Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).
All television and radio stations are requested to hook up to the broadcast.
“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.
“All television and radio stations are requested to hook up to the broadcast,” the statement.
The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.
He told the crowd: “President Putin has said he want to meet with me as soon as possible.”
Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.
Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.
Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.
Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.
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