President Buhari Visits China To Borrow Cheap Money – Kemi Adeosun

Picture of Minister of Finance, Kemi Adeosun
Picture of Minister of Finance, Kemi Adeosun

The Minister of Finance, Kemi Adeosun has revealed that President Muhammadu Buhari’s trip to China aimed to “borrow the cheapest money possible” to finance the 2016 budget deficit and build a stronger ties with China.

The Minister, while speaking with Financial Times and Reuters, said the country was considering selling a Chinese panda bond to help finance a budget deficit of about $11bn. She said, “We are looking obviously at the lowest cost of funds to fund our budget deficit”.

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She also added that, “Initially, we were looking simply at the euro-bond but then we began to explore opportunities; so there is a possibility of issuing a panda bond”. Adeosun reiterated that the priority is to borrow “the cheapest possible money”, which would be a total of 1.8tn naira from international and Nigerian markets.

She noted that the renminbi-denominated bond would be cheaper than issuing a euro-bond. She said that, “There is the possibility of doing a Samurai (yen-denominated bond) which is also an option we will look at. We are simply shopping around for the best deals”.


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