Despite concerns by opposition figures warning the APC government against reckless borrowing, Mr Tinubu insisted the country must borrow to grow.
The instruments on offer are a N300 billion, 22.60 per cent January 2035 bond and a N300 billion, 16.2499 per cent April 2037 bond. The bonds are offered at N1,000 per unit.
He said measures were being implemented to remove economic distortions and strengthen policy credibility.
According to a release by the DMO, the first offer is a two-year savings bond due on March 11, 2028, at an interest rate of 12.906 per cent per annum.
The statement said bonds were backed by the true faith and credit of the federal government and were charged upon the general assets of Nigeria.
The federal government, through the Debt Management Office, has offered three FGN bonds, valued at N900 billion, for subscription at N1,000 per unit.
The Debt Management Office has offered two government savings bonds for subscription in December.
Mr Umahi stated, “I have removed shrines in many places. If the people do not remove this one, I will come and remove it myself.”
The presidential spokesperson explained that “When the currency adjusts, the naira value of existing external debt rises—whether or not new loans are taken.”
Mr El-Rufai recently warned that Nigeria’s social capital may be completely destroyed if Mr Tinubu wins in 2027.
