The Federal Executive Council (FEC) has approved $2.2 billion external borrowing plan, including a potential Eurobond and Sukuk bond offers.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this to State House correspondents at the end of the FEC meeting presided over by President Bola Tinubu in Abuja.
He said: “We just had the Federal Executive Council meeting, and I am privileged to present two memoranda to the Federal Executive Council.
“The first one was to complete the borrowing programme of the Federal Government in terms of external borrowing with the approval of a $2.2 billion financing programme.
“It is made up of access to the international capital market for some combination of the Euro bond offer and the Sukuk bond offer, and perhaps a Euro bond of about $1.7 billion.
“Sukuk financing of another $500 million, the actual makeup of the financing which will be done as soon as the National Assembly considers and hopefully approves the borrowing plan.
“If the external borrowing approval is given, it will be done this year.”
The minister also disclosed that FEC had approved the Ministry of Finance’s incorporated real estate investment fund.
“The Morph Real Estate Investment Fund is going to be, in the first instance, a N250 billion fund that will provide low-cost and long-term mortgages to Nigerians that want to acquire houses.
“It will help to complete or help to fill part of the gaping 22 million unit housing deficit. Of course, it will create jobs and stimulate economic growth.
“It will also pave the way for other investors in the private sector to come in and participate in the all-important housing construction industry with huge benefits and knock-on effects throughout the whole economy,” Edun stated.
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