FG’s N10 trillion debt to be converted to 30-year bond- DMO

Director-General of the Debt Management Office, Patience Oniha has revealed that the Federal Government of Nigeria is owing to the Central Bank of Nigeria a whopping sum of about N10 trillion ($25 billion)
She said this during Zoom meeting with investors and analysts.
She noted that the debt will be converted into bonds by the CBN.
In the discussion, they agreed that; Total Ways and Means of about N10 trillion will be formalized and also to convert it into bonds and paid back over the next 30 years
It was also gathered that there will be a moratorium of principal for the first two years.
They so agreed that the  bonds will not be sold in the open market but to select investors that are viable
While speaking through Zoom, Ms. Oniha said that the government’s borrowing via “Ways and Means” could no longer go on, thereby the need to convert the loans into bonds.

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