The Federal Government of Nigeria is set to float a $500 million bond in the coming weeks, aimed at attracting investments from Nigerians in the Diaspora and encouraging those with funds abroad to repatriate their money for local investment. This announcement was made by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during a media briefing on the Half Year Performance of the economy in Abuja.
Minister Edun highlighted that President Bola Tinubu’s bold reforms are starting to yield positive results for the economy. He also revealed that the current administration has successfully exited Ways and Means, which involves borrowing from the Central Bank of Nigeria, within its first year in office.
“The expected outcomes of these reforms will manifest productively, benefiting Nigerians,” Edun stated. He acknowledged the immediate difficulties posed by the reform policies but emphasized that President Tinubu is deeply concerned about the welfare of ordinary Nigerians.
Addressing transparency challenges in the Cash Transfer Programme of the Social Investment initiative, Edun noted that the programme has resumed, recently covering about 600,000 beneficiaries. He expressed optimism about Nigeria’s economic prospects, citing macroeconomic stability and a stable exchange rate.
“We have reduced budget deficits and maintained a positive trade balance, which reflects our international performance. Investment flows are also positive,” Edun explained. He added that there has been a comprehensive reconfiguration of federal government finances to increase revenue and improve expenditure control.
Edun also described the removal of the fuel subsidy as “technical” and acknowledged impediments to implementing the recent Supreme Court judgment on direct payment of federation allocations to Local Government Councils.
The upcoming bond issuance is expected to play a crucial role in harnessing Diaspora investments, bolstering Nigeria’s economic growth and development.