ANL 33.80 Increased By ▲ 1.05 (3.21%)
ASC 15.13 Increased By ▲ 0.75 (5.22%)
ASL 25.50 No Change ▼ 0.00 (0%)
AVN 95.50 Decreased By ▼ -0.20 (-0.21%)
BOP 9.17 Increased By ▲ 0.02 (0.22%)
BYCO 10.23 Increased By ▲ 0.25 (2.51%)
DGKC 137.50 Increased By ▲ 2.20 (1.63%)
EPCL 51.62 Increased By ▲ 0.37 (0.72%)
FCCL 25.00 Increased By ▲ 0.31 (1.26%)
FFBL 25.45 Increased By ▲ 0.95 (3.88%)
FFL 15.70 Increased By ▲ 0.28 (1.82%)
HASCOL 10.90 Increased By ▲ 0.18 (1.68%)
HUBC 86.75 Increased By ▲ 0.01 (0.01%)
HUMNL 7.10 No Change ▼ 0.00 (0%)
JSCL 27.04 Increased By ▲ 0.45 (1.69%)
KAPCO 40.00 Increased By ▲ 0.80 (2.04%)
KEL 4.15 Increased By ▲ 0.04 (0.97%)
LOTCHEM 14.80 Increased By ▲ 0.08 (0.54%)
MLCF 47.59 Increased By ▲ 0.75 (1.6%)
PAEL 38.30 Increased By ▲ 1.20 (3.23%)
PIBTL 11.91 Increased By ▲ 0.08 (0.68%)
POWER 10.70 Increased By ▲ 0.20 (1.9%)
PPL 90.97 Decreased By ▼ -0.53 (-0.58%)
PRL 27.45 Increased By ▲ 1.63 (6.31%)
PTC 8.81 Decreased By ▼ -0.09 (-1.01%)
SILK 1.40 No Change ▼ 0.00 (0%)
SNGP 43.75 Increased By ▲ 2.68 (6.53%)
TRG 147.70 No Change ▼ 0.00 (0%)
UNITY 31.20 Increased By ▲ 0.72 (2.36%)
WTL 1.52 Decreased By ▼ -0.02 (-1.3%)
BR100 5,016 Increased By ▲ 30.84 (0.62%)
BR30 26,130 Increased By ▲ 297.73 (1.15%)
KSE100 46,158 Increased By ▲ 193.53 (0.42%)
KSE30 19,308 Increased By ▲ 71.8 (0.37%)

LAGOS: Nigeria has no plans to return to the eurobond market this year, after a sixth outing in November raised $2.86 billion, the head of the debt office said on Tuesday.

Nigeria approved a three-year plan in 2016, to borrow more from abroad. It wants 40 percent of its loans to come from offshore sources to lower borrowing costs and help to fund record-high budgets.

Asked whether the government would consider a US dollar- denominated eurobond, Patience Oniha said, "For 2019, given the process, I would say no."

Foreign borrowing for the 2019, budget is set at 802 billion naira ($2.7 billion), Oniha said at an Islamic finance conference in Lagos.

Nigeria, which emerged from recession last year, has borrowed abroad and at home over the past three years to help finance its budgets and to fund infrastructure projects, but debt servicing cost is also rising.

The government has said it wanted to tap concessionary long-term loans to finance its 2019, budget in addition to borrowing at home.

It sold $3 billion in eurobonds in 2017, part of which it used to fund its budget that year. It then followed with a $2.5 billion eurobond sale last year to refinance local currency bonds at lower cost.

Copyright Reuters, 2019