Press Release: Nigeria's Total Public Debt Stock As At June 30, 2022
Monday, 19 September 2022 16:43
Published in
DMO In The News
PRESS RELEASE
NIGERIA'S TOTAL PUBLIC DEBT STOCK AS AT JUNE 30, 2022
The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments and the Federal Capital Territory (FCT), was N42.84 trillion (USD103.31 billion) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60 trillion (USD100.07 billion).
The Total External Debt Stock was USD40.06 billion (N16.61 trillion) as at June 30, 2022, which was about the same level as the figure for March 31, 2022, which stood at USD39.96 billion (N16.61 trillion). Over fifty-eight percent (58%) of the External Debt Stock are concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank and bilateral lenders including Germany, China, Japan, India and France.
The Total Domestic Debt Stock as at June 30, 2022, was N26.23 trillion (USD63.24 billion) due to New Borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as New Borrowings by State Governments and the FCT.
The Total Public Debt to GDP as at June 30, 2022, was 23.06% compared to the ratio of 23.27% as at March 30, 2022, and remains within Nigeria’s self-imposed limit of 40%. While the FGN continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, Debt Service-to-Revenue Ratio remains high.
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.
September 19, 2022
Official Retreat on the Review of the DMO (Establishment, Etc.) Act, 2003 in Abuja on September 6, 2022
Wednesday, 07 September 2022 23:11
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DMO In The News
Yesterday, the DMO held a retreat for the review of the Debt Management Office (Establishment, Etc.) Act, 2003 at the NAF Conference Centre, Kado, Abuja.
The one-day retreat, which was facilitated by Adeyinka Ajayi and Co. legal practitioners, gave senior staff and management of the DMO the opportunity to evaluate the Act and make possible recommendations where necessary.
The retreat was facilitated by Adeyinka Ajayi and Co. legal practitioners.
The DMO celebrated the listing of the USD1.25 Billion FGN Eurobond, The triple-tranche USD4 Billion FGN Eurobond and The N250 Billion Sovereign Sukuk on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited in Lagos
Monday, 01 August 2022 10:48
Published in
DMO In The News
on Thursday, July 28, 2022.
As part of the celebrations, the DMO officially rang the closing bell to end business activities on the floor of the Nigerian Exchange Limited on said date.
The ceremony marks an important milestone for the DMO on the successful listing of the FGN securities on the two (2) exchanges as the listings will create liquidity for the FGN and attract new investors by deepening visibility of the stock market.
Press Release: Listing of USD 1.25 Billion Eurobond on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited
Wednesday, 06 July 2022 22:02
Published in
DMO In The News
Press Release: Listing of N250 Billion Sovereign SUKUK on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited
Tuesday, 05 July 2022 07:29
Published in
DMO In The News
To maximize market liquidity for investors in the Sovereign Sukuk, the Debt Management Office (DMO) is listing the N250 Billion Sovereign Sukuk, which was issued in December 2021, on the Nigerian Exchange Limited and the FMDQ Securities Exchange.
The N250 Billion Sovereign Sukuk is the fourth Sovereign Sukuk issued by the DMO and had a massive oversubscription of N865 Billion at time of issuance, making it the highest subscription level recorded since the first Sukuk issuance in September 2017 and a representation of investors’ growing confidence in the benefits of SUKUK to the development of the Nigerian economy.
Proceeds of the Sovereign Sukuk since its inception have been deployed towards the construction and rehabilitation of road networks across the six (6) geopolitical zones in Nigeria and their impact have been evident. Currently, proceeds from the N250 Billion Sovereign Sukuk are being utilized across seventy-seven (77) key economic road projects in the country such as the completion of roads B6, B12 & Circle road, Abuja; Abuja-Lokoja road (Koton Karfe-Lokoja); Rehabilitation of Yola-Hong-Mubi road in Adamawa State; Dualization Of Kano-Katsina road in Kano/Katsina States; Dualisation of Sapele-Ewu road; Rehabilitation Of Old Enugu - Onitsha road; Dualization of Ibadan-Ife-Ilesah road in Oyo State; Dualisation Of Akure - Ado Ekiti road in Ondo/Ekiti States and a host of other projects.
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.
JULY 5, 2022
Nigeria Redeems USD300 Million Diaspora Bond
Wednesday, 29 June 2022 18:19
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DMO In The News
Press Release: Total Public Debt Data for First Quarter, 2022
Tuesday, 07 June 2022 14:42
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DMO In The News
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
Published in
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.
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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
Published in
DMO In The News
Nigeria Raises USD1.25 Billion Through Eurobonds
Friday, 18 March 2022 07:27
Published in
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
Published in
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