DMO To Issue 3 New Bonds In June

Date:

June 1, 2023.

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Azonuchechi Chukwu.

Contrary to re-openings of old bonds that was planned for June this year according to the Bond Issuance Calendar for the second quarter of 2023, the Debt Management Office (DMO) has said, it will be issuing three new bonds.

The new bonds, which range from 10 to 30 years, are expected to raise between N240 billion and N300 billion. This is contained in a Revised FGN Bonds Issuance Calendar for the second quarter of 2023, released yesterday.

According to the revised calendar published by the DMO, there will be issuance of a new 10- year paper, 15-year and 30-year bonds from which it hopes to raise between N80 billion to N100 billion each.

This will be in addition to the reopening of 14.55 per cent FGN APR 2029 10 year paper which has a maturity of five years and 10 months. Previously, the DMO had planned to reopen the 12.50 per cent FGN APR 2032, 13.00 per cent FGN JAN 2042 and 12.98 per cent FGN MAR 2050 papers.

Between January and May this year, the debt office had raised N3.08 trillion for the federal government through FGN bond issuance. Last month, the DMO raised N545.26 billion from reopening of FGN Bonds.

It had also raised N552.465 billion in April, N563.362 billion in March, N770.561 billion in February and N662.617 billion in January this year. Nigeria is currently grappling with huge debt overhang of over N77 trillion and the need to increase revenue generation to meet expenditure requirements.

Nigeria’s total public debt stock hit N46.25 trillion at the end of December 2022, data by the Debt Management Office (DMO) indicates.  (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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