NBS to Distribute May 2024 FAAC Disbursement as DMO Plans N450 Billion Bond Auction

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The National Bureau of Statistics (NBS) is set to release the May 2024 Federal Account Allocation Committee (FAAC) disbursement, ensuring federal, state, and local governments receive their allocations from the N1.87 trillion distributed in April 2024. This distribution stems from revenue collected in March 2024.

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Meanwhile, the Debt Management Office (DMO) is gearing up for a significant bond auction today, planning to issue three tranches of Federal Government of Nigeria (FGN) bonds valued at N450 billion. This auction includes a new five-year N150 billion bond, alongside reopenings of seven- and nine-year bonds, each valued at N150 billion.

During the previous auction in May, DMO successfully sold N378 billion across these bonds, with the stop rates for the longest tenure reaching 20.45 percent. The new nine-year bond, attracting N373.875 billion in subscriptions, saw N285.124 billion allotted, including N179.00 billion under non-competitive bids. Similarly, the seven-year bond received N76.875 billion in bids, with N62.975 billion allotted, and the five-year bond garnered bids totaling N100.56 billion, resulting in an allotment of N32.67 billion.

The second quarter’s bond auction calendar indicates the government’s aim to raise between N300 billion and N600 billion monthly, following substantial borrowings in the first quarter of 2024.

Stay tuned for more updates on these developments.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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