- The Debt Management Office said federal government will auction the subscription of N100 billion worth of bonds
- In a circular on its website, DMO said the event for the auction will happen onn March 27, 2019
- The DMO also said units of sale is N1,000 per unit, subject to a minimum subscription of N50 million
The federal government will auction the subscription of N100 billion worth of bonds on March 27, the Debt Management Office (DMO) says.
The DMO said in a circular on its website on Tuesday, March 1, in Abuja, that the five-year re-opening bonds of N40 billion to mature in April 2023 was offered at 12.75 %.
It said that the seven-year re-opening bonds also of N40 billion to mature in March 2025 would be auctioned at 13.53%.
It added that the 10-year bonds, also re-opening, of N20 billion which would be due in Feb. 2028, would be auctioned at 13.98 %.
According to the DMO, units of sale is N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.
The DMO explained that the bonds are backed by the full faith and credit of the Nigerian government, with interest payable semi-annually to bondholders, while bullet repayment will be made on maturity date.
Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
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Meanwhile, Legit.ng previously reported that the ministries, departments and agencies under the federal government had been mandated to move their payroll to the Integrated Personnel Payroll Information System (IPPIS) or face the immediate consequences.
The order was given by the accountant general of the federation, Ahmed Idris, in a statement signed by the head of press and public relations to the AGF, Oise D. Johnson.
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