Nigeria, Sept. 17 -- The Debt Management Office (DMO) has announced that the federal government plans to issue a fresh Eurobond to raise $6.2 billion (N2.6 trillion) for the financing of the 2021 budget.

Countries use this Eurobond, a foreign currency denominated debt instrument, to borrow money from the international market.

The DMO had announced in April that plans were ongoing towards the issuance of Eurobonds and its plans to appoint transaction advisers through an open bid process.

Also, it announced in August that the Federal Executive Council (FEC) had approved eight transaction institutions to advise the country on its Eurobonds issuance in its bid to finance the 2021 budget deficit.

According to the DMO, JP Morgan, Citigroup,...