FG plans to borrow another N2.5tn through bond – DMO
The Federal Government plans to raise N2.5 trillion in its second FGN bonds auction.
In a circular issued on Wednesday, the Debt Management Office stated that the offerings consisted of N1.25 trillion with a maturity date of February 2031 and N1.25tn with a 10-year tenor.
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FGN savings bonds are part of the federal government’s domestic borrowing plan.
Last year, the Federal Government raised about N7.06tn from the fixed-income market.
According to the recently signed N28.8 trillion 2024 national budget, the Federal Government has projected its new borrowings to hit N7.83 trillion.
Recall that in December last year, President Bola Tinubu had sought approval from the National Assembly for about $8.69bn and €100m as part of the external borrowing plan for 2022 to 2024.
The latest FG bonds have a face value of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000.
Interest payments on FGN bonds are usually semi-annual.
In January, the FG had offered a two-year FGN Savings bond due January 17, 2026, at 11.033 per cent per annum and another three-year FGN Savings Bond due January 17, 2027, at 12.033 per cent per annum.
It allotted N603.42bn for the two-year tenor bond and N1.394tn for the three-year bond.
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DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.
Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.
