Nigerian President Muhammadu Buhari asked lawmakers to approve the issuance of $2.8 billion of Eurobonds.
The debt will mostly be used to finance infrastructure projects and the government’s 2018 fiscal deficit, the West African nation’s Senate said on Twitter.
Bank of America Merrill Lynch analysts said last week they expect Nigeria, Africa’s top oil producer, to tap international capital markets before the end of the year, pending the Senate’s approval.
Yields on Nigeria’s $1.5 billion of Eurobonds due in 2027 rose 14 basis points to 7.41 per cent by 4:34 p.m. in Lagos, the commercial capital. The government last issued dollar debt in February, when it sold $2.5 billion of 12- and 20-year notes.