Site icon Sunrise News

Coronavirus: Nigeria to delay issuance of $3.3 billion Euro-bond

The negative impact of the coronavirus pandemic would force the Federal Government to delay the issuance of its $3.3 billion Euro-bond, Mrs. Zain­ab Ahmed, the Minister of Fi­nance, Budget and National Planning, has disclosed.

Ahmed gave the hint on Monday in Abuja while fielding questions from jour­nalists at the sidelines of the international conference on commodities exchange in Abuja.

She said the decision to de­lay the issuance of the $3.3 bil­lion Euro-bond was based on the conviction that the global economy was going through challenging times due to the outbreak of the coronavirus pandemic.

Ahmed said even if the re­quest was approved by the Na­tional Assembly, the Federal Government would delay the issuance because of the un­favourable global economic environment.

She said: “We are in the process of doing that and I can tell you that we are not going out immediately because of the market indication of ex­ternal borrowing at this time.

“Even if we get the approv­al, we will defer it and watch the market and go out only when the time is right.”

On the indefinite suspen­sion of the $22.89 billion loan request of the Federal Gov­ernment by the House of Rep­resentatives, she expressed optimism that approval would be given by the lawmakers.

“The parliament is still doing its work, one arm of the parliament has complet­ed theirs and the other is still working and it is a process that is controlled by the par­liament itself, so we are wait­ing,” she said.

On when the government would announce the ad­justments made in the 2020 budget, she said that would be done once the process of consultation was completed.

She said: “As soon as we have approvals from the presi­dent and the Federal Econom­ic Council and also when we round off our consultation with the parliament.”

She said the unfolding events of the past few months such as the coronavirus pan­demic and the oil price war have further reinforced the resolve of the government to diversify the economy.

She said: “It is a time to develop a non-oil attitude to anything that we do; it is a time for us to review what we have planned and to pri­oritize expenditure in favour of major capital expenditure that will have greater impact that will create jobs and vis­ibility and also enhance the ease of doing business in our country.

“Any expenditure that is not critical, we must defer to do it at a later time when things become more normal.”

Exit mobile version