Nigeria returned to the international bond market for the first time in two years with a $1 billion sale of Eurobonds, raising funds for power projects amid a selloff in emerging-market debt.
Let me just explain simply, for the uninitiated, bonds are debt-finance tools, that allow someone who has borrowed to raise fund with his debt which he sells to another party at the cost of an interest.
This issue has been treated from the business perspective in my business blog (naijaestatedeals.wordpress.com). The important aspect which I hope to bring to the notice of the Nigerian reading population is the fact that despite these funds we see flying around on the power project, blackouts and power shortages still plague Nigeria as ever before.
I have been a staunch supporter of the GEJ administration until recently, it seems Nigeria’s burden is just being increased and we are soothed with false hopes, I am personally grieved with the FG of this nation and although my grieviance may seem singularly significant I feel it a personal burden to inform Nigeria of the increasing debt we are plunging into without any significant results.