The bonds are N75 billion, 10-year re-opening FGN bonds at 12.5 per cent interest rate and another N75 billion, 20-year re-opening FGN bond at 13 per cent interest rate.
“The Eurobond, which was issued in September 2021, was oversubscribed to the tune of $12.2 billion and was described as one of Africa’s most successful…”
The subscription of 346 per cent emanated from high level participation by banks, fund managers and non-interest financial institutions.
The Debt Management Office (DMO) says its latest offer of N250 billion sovereign Sukuk, the fourth in the series, would be deployed to three benefitting ministries.
The DMO also mentioned that the proceeds would be used solely to construct and rehabilitate key road projects across the country’s six geopolitical zones.
On December 7, when the matter came up, Mr Ekwo had refused to vacate the earlier order restraining the federal government from tampering with the states’ funds.
Nigeria’s Excess Crude Account now stands at $60 million down from the $2.1 billion the Muhammadu Buhari regime met it in 2015.
Mr Obasanjo’s statement comes in the wake of Mr Buhari’s request to the National Assembly for a fresh $4 billion loan.
As Nigeria’s debt profile continues to rise, President Muhammadu Buhari’s regime has made plans to borrow N5.62 million in 2022.
The Debt Management Office (DMO) on Monday offered for subscription more federal government bonds at N1,000 per unit.