The Nigerian Government has suspended its plan to raise about $959m by selling overseas bonds.

The Minister of Finance, Zainab Ahmed, disclosed that this is as a result of unfavourable market conditions during the time frame approved for the fundraising.

The Minister had stated in April this year that the government plans to sell its second external overseas bond in early May this year so as to help plug fiscal deficits.

The planned $950m bond sale would account for the balance of $6.1bn overseas borrowing planned for 2021, after it raised the second tranche of $1.25bn in March.

Ahmed reportedly stated in an interview in a sideline conversation at the Islamic Development Bank meeting in Egypt that, “We were not able to do that because the market pricing was not good and also because the approved period for us which is May 31, 2022, has closed.

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