JOHANNESBURG/ABUJA - Nigeria's sovereign dollar-denominated bonds rallied on Tuesday after new President Bola Tinubu said at his swearing-in that a costly fuel subsidy would be removed and the central bank should work towards a unified exchange rate.
Eurobonds rose as much as 3 cents in the dollar, with the 2029 maturity at 87.25 cents by 1251 GMT . Its yield of 11.43% was the lowest since the end of January. Tinubu, whose victory is being disputed in court by his main rivals, inherits record debt, foreign exchange and fuel shortages, a nearly two-decade-high inflation rate, poor power supply and falling oil production due to crude theft and underinvestment.
Getting rid of the fuel subsidy, which cost $9.7 billion in 2022, reforming the foreign exchange market so profits can be repatriated, and raising tax revenues are all priorities for international investors, many of whom have pulled out of Nigeria in recent years.The 2023 budget provides for the subsidy until June 30.
ہم نے اس خبر کا خلاصہ کیا ہے تاکہ آپ اسے جلدی سے پڑھ سکیں۔ اگر آپ خبر میں دلچسپی رکھتے ہیں تو آپ مکمل متن یہاں پڑھ سکتے ہیں۔ مزید پڑھ:
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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