The Nigerian Economic Summit Group (NESG) and the Open Society Initiative for West Africa (OSIWA) officially launched the Report on Debt Management, Restructuring and Sustainability in ECOWAS at the Debt Management Office (DMO) HQ, Abuja
Thursday, 05 May 2022 16:11
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DMO In The News
on Thursday, May 5, 2022.
The advocacy visit is part of the NESG-OSIWA Debt Management Roundtable (DMR) discussions and policy recommendations on debt sustainability in West Africa.
The meeting was attended by Chairman NESG-OSIWA DMR, Mr Taiwo Oyedele; Commissioner NESG-OSIWA DMR, Dr. Babajie Fowowe; Research Director NESG-OSIWA DMR, Dr. Olusegun Omisakin; Commissioner Macroeconomic Policy & Economic Research ECOWAS, Dr. Kofi K. Apraku; OSIWA Representative, Mr. Paul Adeyeye; IMF Representative, Zainab Manga and other notable officials of the NESG and the DMO.
DG DMO Meets with World Bank Macro Team
Tuesday, 05 April 2022 16:11
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DMO In The News
The Director-General, Debt Management Office (DMO), Patience Oniha, held an in-house meeting with members of the World Bank Macro Team led by its Lead Economist, Marco Hernandez at the DMO HQ, Abuja. The in-house meeting was held in light of the upcoming virtual event themed: Raising the Bar on Debt Data Transparency taking place on April 7, 2022.
DG DMO Attends 2022 National Budget Roundtable and Panel Discussion at Covenant University, Ota
Friday, 01 April 2022 15:41
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DMO In The News
The Director-General, Debt Management Office (DMO), Patience Oniha, attended the 2022 National Budget Roundtable and Panel Discussion which held at Covenant University, Ota, Ogun State on March 31, 2022.
At the event themed, “National Budgeting for Economic Recovery and Sustainable Development in Nigeria”, the DG gave a Keynote Address which presented a detailed breakdown of the National Budgeting process, the Nigerian Public Debt Stock and Debt Sustainability measures by the DMO and the Federal Government.
DG Oniha was also a panelist at the roundtable discussions on the National Budget alongside Head of Consulting, Agusto Consulting Limited, Jimi Ogbobine; Country Director, BudgIT Nigeria, Gabriel Okeowo and CEO, Economics Associates, Dr. Ayo Teriba.
The Federal Government Securities Issuance Awareness Programme launches in Lagos
Tuesday, 29 March 2022 11:31
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DMO In The News
On March 24, 2022, the Debt Management Office (DMO) organized its first Federal Government Securities Issuance Awareness Programme in Lagos. Participants met and engaged with stakeholders from the DMO and various stockbroking firms on diverse Federal Government financial securities made available to Nigerians. Through the programme, participants were able to gain full information on the pool of investment opportunities made available by the Federal Government through the offering of its financial products.
FGN Securities Issuance Awareness Programme
Tuesday, 22 March 2022 10:53
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DMO In The News
Nigeria Raises USD1.25 Billion Through Eurobonds
Friday, 18 March 2022 07:27
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DMO In The News
The Offer was launched at an Initial Price Thoughts of 8.75% per annum and on the back of strong investor demand, Nigeria was able to revise the price guidance to 8.5% per annum. The Order Book continued to grow, reaching a peak of USD 4 billion. The Order Book included many quality investors in the United States, Europe and Asia. With this strong investor interest, the price was tightened to 8.375% per annum, the Order Book still remained high at USD 3.676 billion and retained the quality investors. Nigerian investors also participated in the Offer with a total subscription of USD 60 million.
The proceeds of the Eurobond will be used to finance critical capital projects in the Budget to bridge the deficit in infrastructure and strengthen Nigeria’s economic recovery. Equally important, it would contribute directly and in full to the level of Nigeria’s External Reserves.
DEBT MANAGEMENT OFFICE
The Presidency
NDIC Building (First Floor),
Plot 447/448 Constitution Avenue,
Central Business District,
P.M.B. 532, Garki, Abuja
Tel: +234 - 8110000881-3
Website: http://www.dmo.gov.ng,
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
March 17, 2022
DMO Publishes Total Public Debt Stock as at December 31, 2021
Thursday, 17 March 2022 15:29
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DMO In The News
The Public Debt Stock for December 31, 2021, includes New Borrowings by the FGN and the sub-nationals. For the FGN, it would be recalled that the 2021 Appropriation and Supplementary Acts included Total New Borrowings (from Domestic and External sources) of N5.489 Trillion to part finance the Deficit. Borrowings for this purpose and disbursements by multi-lateral and bi-lateral creditors account for a significant portion of the increase in the Debt Stock. Increases were also recorded in the Debt Stock of the States and the FCT.
The New Borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, Sovereign Sukuk and FGN Bonds. These capital raisings were utilized to finance capital projects and support economic recovery.
With the Total Public Debt Stock to Gross Domestic Product (GDP) as at December 31, 2021, of 22.47%, the Debt-to-GDP ratio still remains within Nigeria’s self-imposed limit of 40%. This ratio is prudent when compared to the 55% limit advised by the World Bank and the International Monetary Fund (IMF) for countries in Nigeria’s peer group, as well as, the ECOWAS Convergence Ratio of 70%.
The Federal Government is mindful of the relatively high Debt-to-Revenue Ratio and has initiated various measures to increase revenues through the Strategic Revenue Growth Initiative and the introduction of Finance Acts since 2019.
DEBT MANAGEMENT OFFICE
The Presidency
NDIC Building (First Floor),
Plot 447/448 Constitution Avenue,
Central Business District,
P.M.B. 532, Garki, Abuja
Tel: +234 - 8110000881-3
Website: http://www.dmo.gov.ng,
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
March 16, 2022
Post-Issuance Review Meeting for the N250 Billion Sovereign Sukuk at the Lagos Continental Hotel on February 18, 2022
Sunday, 20 February 2022 08:25
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DMO In The News
The meeting, which was highly insightful for all members present, was attended by officials of the DMO, StanbicIBTC Capital, Vetiva Capital, Greenwich Merchant Bank and Buraq Capital.
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DG DMO, Patience Oniha, at the FCT Sukuk Technical Committee which held at the Federal Capital Territory Administration (FCTA) Office in Abuja on February 15, 2022.
Tuesday, 15 February 2022 18:35
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DMO In The News
The Director-General, Debt Management Office (DMO), Patience Oniha, at the official inauguration ceremony for the FCT Sukuk Technical Committee, gave her opening remarks where she described the event as an important milestone in the journey of the issuance of Sukuk in Nigeria. With a total of four SUKUK issuances so far, the DMO has raised over N600 billion for the rehabilitation and construction of road projects across the country as the Sukuk has proven highly instrumental to the development of infrastructure in Nigeria.
Expressing her delight at the involvement of FCT Ministry in the utilization of Sukuk’s funding for Federal Capital’s infrastructural development, she reassured dignitaries present that the DMO is committed to partnering with the Ministry towards the issuance of its first Sukuk in the nearest future.
Other dignitaries present at the inauguration ceremony were the Honorable Minister Federal Capital Territory (FCT), Malam Muhammad Musa Bello; Chairman, Senate Committee on the FCT, Sen. Abubakar Kyari; Chairman, House Committee on FCT, Rt Hon. Abubakar Garba Idris, represented by Hon. Iduma Igariwey; Senate Minority Whip, Sen. Philip Tanimu Aduda and notable officials of the DMO and the FCTA.
N250 Billion FGN Sukuk Cheque Presentation
Thursday, 03 February 2022 12:14
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DMO In The News
The Director-General, Debt Management Office (DMO), Patience Oniha was present at the N250 Billion Sovereign Sukuk Cheque Presentation which held at the Auditorium, Ministry of Finance, Abuja on February 3, 2022.
At the ceremony, she gave her opening remarks on the significant improvement the Sovereign Sukuk has brought to road infrastructure across the six (6) geopolitical zones and the FCT, in Nigeria, noting that this has in turn, increased credence in the financial product as a result of its evidential impact.
The N250 Billion Sovereign Sukuk Cheque was presented by the Honorable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed to the Ministry of Works and Housing, the Federal Capital Territory Administration and the Ministry of Niger Delta Affairs.
Official dignitaries present at the cheque presentation ceremony include, the Honorable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed; the Honorable Minister for Works and Housing Raji Babatunde Fashola, the Honorable Minister of the Federal Capital Territory, Malam Muhammad Musa Bello; the Honorable Minister of Niger Delta Affairs, Godswill Akpabio; the Chairman, Senate Committee on Local and Foreign Debts, Sen. Engr. Clifford A. Ordia; the Chairman, House Committee on Aids, Loans and Debt Management, Honorable Adeyinka Ajayi and other notable government officials.
Listing of USD 4 Billion Eurobond on the FMDQ Securities Exchange
Wednesday, 26 January 2022 12:07
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DMO In The News
The Debt Management Office (DMO) listed the USD 4 Billion Eurobond issued by the Federal Government of Nigeria (FGN) on the FMDQ Securities Exchange on January 25, 2022. It will be recalled that the Eurobond was issued on September 28, 2021, as part of the fund-raising for the implementation of the 2021 Appropriation Act. In order to manage the liability profile, it was issued in three (3) tranches of 7 years, 12 years and 30 years as outlined below:
- 7 years - USD1.25 billion due September 2028 at 6.125%
- 12 years - USD1.50 billion due September 2033 at 7.375%
- 30 years - USD1.25 billion due September 2051 at 8.250%
The subscription level for the Eurobond was USD12.2 Billion, making it one of the continent’s most successful financial transactions of 2021. The Eurobond issuance shored up Nigeria’s foreign reserve, led to the appreciation of the Naira and provided significant capital to finance various projects across Nigeria under the 2021 Appropriation Act.
The Eurobond will also be listed on the Nigerian Exchange Limited. The listing on these two (2) securities exchanges, will enlarge their scope while also providing a diversified pool of financial offerings for investors.
DEBT MANAGEMENT OFFICE
The Presidency
NDIC Building (First Floor),
Plot 447/448 Constitution Avenue,
Central Business District,
P.M.B. 532, Garki, Abuja
Tel: +234 - 8110000881-3
Website: http://www.dmo.gov.ng,
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
January 26, 2022
The Director-General, Debt Management Office (DMO), Patience Oniha, met with delegation from the Federal Capital Territory Administration (FCTA) and the Federal Capital Development Authority (FCDA)
Wednesday, 12 January 2022 15:24
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DMO In The News
led by the Permanent Secretary, FCTA, Mr. Olusade Adesola, at the DMO head-quarters in Abuja on January 12, 2022.
At the meeting, members engaged in extensive discussions on current infrastructural progress across the Federal Capital Territory and avenues for generating necessary capital finance geared towards bridging current infrastructural gaps within the nation’s capital.
The meeting was attended by the Permanent Secretary, FCTA, Mr. Olusade Adesola; Executive Secretary, FCDA, Engr. Shehu Hadi Ahmad; Director, Finance and Administration, FCDA, Aminu Aliyu Gaya and other senior members of FCTA, FCDA, and the DMO.
