The Nigerian government has raised N50.45 billion from its May bonds auction, about N20 billion lower than the N70 billion raising targeted, according to the Debt Management Office (DMO).
The auction results for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 13.50% FGN MAR 2025 (Reopening 7-Year Bond) and 13.98% FGN FEB 2028 (Re-opening 10-Year Bond) indicate the Federal government made N3.50 billion from a five-year bond at 12.75 percent. It also made N8.54 billion from a seven-year bond at 13.53 percent and N38.50 billion from its 10-year bond at 13.98 percent, bringing the total amount raised from the May auction to N50.45 billion.
The DMO added that N14.99 billion of the 13.53 percent for March 2025 and N14.99 billion of the 13.98 percent for Feb. 2028 were allotted on a non-competitive basis. It also said of the 101 bids, only 62 were successful, adding that the auction drew subscriptions of N89.82 billion. Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
- Arms proliferation and insecurity in Nigeria
- Nigeria’s air crash investigations: The unending, undisclosed reports
- Nigeria’s BoI gets Agusto rating upgrade to ‘Aaa’ with stable outlook
- Nigeria aims to increase egg production with NEGPRO scheme
- How P&ID got $10bn judgement against Nigeria using bribery, perjured evidence