The budget office has stated that FGN plans to raise $3.5 billion (c.1.068 trillion) and $4 billion (c.1.220 trillion) to fund the 2017 budget deficit of 2.21 trillion (c.2.2% of GDP).

Analysis of the planned borrowing includes $2bn which will come from concessionary loans with $1.5 billion balance that would be funded through Eurobonds.

Nigeria raised $1.5bn in Eurobonds in Q1’17 at a weighted average yield of 7.75% amidst strong investor interest (6.8x oversubscribed).

Source: http://naijaentrepreneur.com/2017/05/21/nigeria-government-sets-to-borrow-3-5bn-foreign-loans-to-fund-budget/