Nigeria Debt Management Office Announces N100 Billion Sukuk Bond
The Debt Management Office (DMO) announced on Monday that it had started the sale of a N100 billion Sukuk bond in the local market to finance the construction and rehabilitation of major roads across the country. country.
According to a note issued by the Debt Office, the ten-year Islamic bond which is structured as a lease (Ijarah forward) will yield a lease rate of 15.64% per annum.
The DMO said the bond underwriting was backed by the full confidence of the government and that the offer would expire on November 29. He asked interested investors to contact Greenwich Merchant Bank Limited, Vetiva Capital Management Limited and Stanbic IBTC Capital Limited for the issue. .
In an effort to finance its annual budget expenditures, Nigeria has over the years borrowed from local and foreign sources amid declining revenues.
Last Thursday, Debt Office Director General Patience Oniha spoke on the country's borrowing plans at a workshop on topical issues in public debt management in Abuja .
“We have been dependent on borrowing for a very long time as a country because the revenue base is weak and this now threatens debt sustainability,” she said.
"We need urgent action to moderate the level of new borrowing and strengthen our revenue base.
“There has been a lot of talk about increasing revenues. We now need urgent action. We need a stronger revenue base to ensure our debt remains sustainable.”
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[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
The Debt Management Office (DMO) announced on Monday that it had started the sale of a N100 billion Sukuk bond in the local market to finance the construction and rehabilitation of major roads across the country. country.
According to a note issued by the Debt Office, the ten-year Islamic bond which is structured as a lease (Ijarah forward) will yield a lease rate of 15.64% per annum.
The DMO said the bond underwriting was backed by the full confidence of the government and that the offer would expire on November 29. He asked interested investors to contact Greenwich Merchant Bank Limited, Vetiva Capital Management Limited and Stanbic IBTC Capital Limited for the issue. .
In an effort to finance its annual budget expenditures, Nigeria has over the years borrowed from local and foreign sources amid declining revenues.
Last Thursday, Debt Office Director General Patience Oniha spoke on the country's borrowing plans at a workshop on topical issues in public debt management in Abuja .
“We have been dependent on borrowing for a very long time as a country because the revenue base is weak and this now threatens debt sustainability,” she said.
"We need urgent action to moderate the level of new borrowing and strengthen our revenue base.
“There has been a lot of talk about increasing revenues. We now need urgent action. We need a stronger revenue base to ensure our debt remains sustainable.”
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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