As a sign of commitment to promptly honour its debt obligations, Nigeria says it has redeemed its $300 million diaspora bond which matured on June 27.
Recently, Enoch Adeboye, the Redeemed Christian Church of God’s spiritual leader, raised concern about the country’s rising debt profile.
The first, a two-year savings bond, came at an interest rate of 7.33 per cent per annum and will be due on April 13, 2024.
Mr Mohammed made the plea when he met Chinese ambassador to Nigeria, Chui Jian Chun in his office on Thursday.
The DMO had earlier revealed that the country’s debt stock as of September 2021, was N38 trillion.
With over N400 billion in GDP and about 200 million people, Nigeria still has opportunities for growth.
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.
