The DMO said the release was based on the documents recently received from the Federal Ministry of Power, Works and Housing that it was implementing the road projects
Browsing: Debt Management Office
The allotment results, derived from its website on Friday showed that N72.42 million was allotted at 12.09 per cent with 177 successful subscriptions to mature in November 2019.
The Notes comprise $1.5 billion 10-year series and a $1.5 billion 30-year series
The figures were released by the DMO on Tuesday
“Since Nigeria was last rated by Moody’s (as B1 stable) in December 2016, Nigeria has successfully emerged from a protracted recession and recorded important improvements across a broad range of indices,” a joint statement by the Ministry of Finance, Central Bank of Nigeria and Debt Management Office read on Wednesday
Out of the N6.69 billion raised since inception of the FGNSB, N3.71 billion was for the Two-Year Bond, while N2.98 billion was for the Three-Year Bond.
The Minister of Transportation, Chibuike Amaechi, said this on Thursday at the meeting with the Chairman of the Senate Committee on Local and Foreign Debts, Senator Shehu Sani
These were the highlights of a session the representatives of the executive arm of government had with a Senate committee on the desirability of the loan, with the government saying it would have to borrow more to complete a number of ongoing infrastructural projects
Figures from the Debt Management Office also showed that as at June 30, 2017, the 36 state governments and the Federal Capital Territory had a debt stock of about $3.94 billion (N1.2 trillion).
Buhari in the loan request letter addressed to the President of the Senate, Dr. Abubakar Bukola Saraki, dated October 4, 2017, explained that Ministry of Finance, the Debt Management Office and the Federal Government-appointed transaction parties for the proposed loan are pursuing the loan deal
term, there would be an acceleration in the accumulation of debt and an increase in debt servicing costs. However, this would be ameliorated, by correcting the low tax to Gross Domestic Product ratio through revenue mobilisation, releasing funds to sustain investment in capital and repaying the debt
As is to be expected, many voices have been raised for and against this proposal. Separate rallies have also been held on the streets of Abakaliki by opponents and supporters of the loan proposal. While all stakeholders are passionate in their views, it is important that we do not lose sight of the salient points and necessary considerations before the state commits to yet another loan agreement.
Patience Oniha, the DMO Director-General, made this known at the 2017 Nigerian Debt Capital Markets Conference and Awards, organised by the FMDQ OTC Securities Exchange in Lagos.
Sukuk, a project-tied investment facility, attracted investors from across a broad spectrum of the public comprising pension funds, banks, fund managers, institutional and retail investors.
The offer was opened to the public on September 14 and is billed to close on September 20 following a series of investor meetings in Lagos, Abuja, Port Harcourt, Kano and Kaduna by the Advisers and the DMO, to interact with investors and provide information on the purpose, structure and benefits of the Issuance.
The offer circular obtained from the DMO’s website on Tuesday in Abuja stated that it would sell N35 billion of a bond maturing in July 2021 at 14.50 per cent.
Speaking in Lagos when the Director-General of the Debt Management Office, Patience Oniha, paid him a courtesy visit, Dangote described the Sukuk as a commendable initiative and urged Nigerians to invest in the offer which has the full faith and credit of the Federal Government.
The offer circular, which was obtained from its website, said the seven year Islamic sukuk, referred to as Ijarah is at a rental rate of 16.74 per cent and would be due in 2024.
iving a breakdown of what each tier owed, it said the external debt stock of both tiers was N4.6 trillion while the domestic debt stock of the Federal Government was N12 trillion.
The DMO in a statement issued on in Abuja, said the road show led by the Director-General, Patience Oniha, would also be held in Kano, Kaduna and Port Harcourt.