The Federal Executive Council has approved a $2.2 billion external borrowing plan as part of the 2024 budget. Finance Minister Wale Edun explained that the plan includes a mix of Eurobonds ($1.7 billion) and Sukuk bonds ($500 million). The final composition will depend on market conditions and advice from transaction advisors. This funding is aimed at reinforcing fiscal stability and reflects Nigeria’s progress in economic reforms, which have opened access to international capital markets.
Edun highlighted Nigeria’s earlier success in domestic dollar bond issuance, noting investor confidence in the government’s economic recovery plan, which focuses on stabilizing macroeconomic conditions and supporting local production.
In addition, the government approved a N400 billion Real Estate Investment Fund to tackle Nigeria’s 22-million-unit housing deficit. Seeded with N150 billion, the fund will provide low-cost, long-term mortgages with interest rates as low as 11–12% and tenures of up to 20 years. This initiative, expected to stimulate the housing sector, create jobs, and attract private investment, is a key step toward fulfilling the Tinubu administration’s commitment to enhancing homeownership opportunities for Nigerians.
Edun stated, “This fund will ease access to homeownership and bring relief to Nigerians burdened by high mortgage rates and short loan tenures.”
