Nigeria spends $300m on debt payments as revenues deteriorate

Ms. Patience Oniha, CEO, DMO

Data from the Debt Management Office (DMO) shows that Nigeria has repaid a $300 million diaspora bond, which matured on June 27, 2022.

The DMO, in a statement posted on its website, said the bond was issued on June 27, 2022 for a term of five years in the international capital market.

According to the agency, the proceeds of the bond were partly used to finance the deficit of the 2017 finance law.

The statement read in part: “Nigeria has again demonstrated its commitment to meeting its debt obligations as they come due through the repayment of the $300 million Diaspora Bond which matured on June 27, 2022.

“The Diaspora bond was issued on June 27, 2017 for a term of five years on the international capital market and the proceeds were used to partially finance the deficit of the 2017 appropriations law.

“In addition to the objective of raising funds for the government, this was an initiative to provide the Nigerian diaspora with the opportunity to invest in their home country. With the repayment of euro- $500 million bond in January 2021 and recently the $300 million Diaspora bond, the FGN has increased investor confidence in its commitment and ability to meet its debt obligations as they come due , thereby strengthening its presence in the international capital market.


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Elaine R. Knight