Tag Archives: Debt Management Office

FG offers savings bonds at 10.7%, 11.7 % in March

The Federal Government on Monday offered for subscription a two-year savings bond at 10.74 per cent and three-year savings bond at 11.74 per cent. According to the Debt Management Office (DMO) website, the two-year savings bonds would be due in March 2020. It said the three-year savings bond would be due in March 2021. The Debt office, however, did not ...

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Why Nigeria must stop borrowing to fund budget – Senate Committee

Nigeria needs to lower its debt profile, in order to make financial resources available for priority projects, the Senate Committee on Local and Foreign Debts has posited. During a courtesy visit to the Vice-President, Yemi Osinbajo, on Monday, Chairman of the committee, Shehu Sani, said the country’s borrowing which was heightened during the period of recession, needs to be cut. ...

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DMO explains $2.5bn external financing arrangement

The Debt Management Office has released a statement explaining the $2.5 billion external financing arrangement. It said that the loan was not a new incremental debt. The proposed move is to help refinance the country’s maturing domestic debts and re-balance Federal Government debt portfolio, the Debt Management Office, DMO, said. It is not a new or incremental debt, because it ...

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FG may borrow $2.5bn via Eurobonds

The Federal Government will consider raising $2.5bn through Eurobonds in the first quarter to refinance a portion of its domestic Treasury bill portfolio at lower cost, the Director-General, Debt Management Office, Patience Oniha, has said. According to her, the issue is part of a $5.5bn fund raising programme approved by the National Assembly last year. The DMO director-general also told Reuters on ...

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FG first 2018 bond auction oversubscribed by 136%

Latest information from the Debt Management Office (DMO) has shown that the federal government’s first bond offer for the year – 2018 was oversubscribed by a total of N150 billion, a subscription rate of 136 per cent. The subscription level was higher for the 10-year benchmark bond, which indicates investors’ preference for longer dated instruments in Nigeria. The Debt Management ...

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FG to borrow N385bn via local bonds

The Federal Government is planning to borrow between N315bn and N385bn ($1bn-$1.26bn) in the first quarter of the year through sales of naira-denominated bonds, the Debt Management Office has said. The DMO stated, on Friday, that it would auction bonds maturing in 2021 and 2027 and introduce a new seven-year bond, Reuters reported. It said that the 2021 and the 2027 were ...

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DMO hails release of N1.2trn capital funding

The Debt Management Office (DMO) says the release of N1.2 trillion for capital projects by the Federal Government in six months is a positive development in the country. The capital projects are contained in the 2017 Appropriation Act. The 2017 budget was only finalised in July 2017, when its implementation started. The DMO said in a statement on Tuesday evening ...

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FG releases N1.2trn for economic growth

The Debt Management Office (DMO) has indicated that a total of N1.2trillion has been released by the Federal Government for capital projects in the 2017 Appropriation Act. It noted that the release of such amount for the capital project was a strong demonstration of the commitment of the present administration to prioritise improvement in infrastructure, in order to stimulate economic ...

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Fitch warns Nigerian bank on slower profits in 2018

Fitch Rating agency has warned that Nigerian banks will struggle to sustain the same level of profitability this year due to reduction in government borrowing through treasury bills (T-Bills). Last year the federal government introduced a new debt strategy designed to refinance some of its maturing domestic debt with external borrowing.  Consequently, the Debt Management Office (DMO), last month used ...

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FG reduces domestic borrowing for corporate entities – DMO

The Debt Management Office (DMO) has said that the Federal Government was reducing its exposure in the domestic market to pave way for borrowings by corporate entities. The DMO’s Director-General, Patience Oniha, said, in Lagos, that government had reduced its exposure in the bond market for corporate entities to raise funds. “We are reducing the amount we borrow in the ...

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