Nigeria may issue Eurobonds if necessary to help finance its 2019 budget, the debt office said on Wednesday, a day after its head said no such move was planned. Foreign borrowing for the 2019 budget was set at 824.82 billion naira ($2.7 billion), the office said.
The plan is to first access any cheaper funding from multilateral and bilateral lenders. “Thereafter, any balance will be raised from commercial sources which may include security issuance such as Eurobonds,” it said in a statement. Nigeria, which emerged from recession last year, has borrowed abroad and at home over the past three years to help finance its budgets and to fund infrastructure projects, but debt servicing costs are rising. On Tuesday, debt office head Patience Oniha told a conference in Lagos there were no plans to issue Eurobonds this year.