Press Release on Listing of ₦162.557 Billion 7-Year 11.200% AL IJARAH Sovereign Sukuk Due 2027 on The Nigerian Stock Exchange and FMDQ Securities Exchange

Thursday, 18 March 2021 12:08

The Debt Management Office (DMO) will today list its third Sovereign Sukuk 162.557 BILLION 7-YEAR 11.200% AL IJARAH SOVEREIGN SUKUK DUE 2027” on The Nigerian Stock Exchange and the FMDQ Securities Exchange. The Sukuk which at the time of issuance was massively subscribed to the tune of 669.124 Billion or 446%, was issued to finance 44 economic road projects across the six (6)-geopolitical zones. With the listing, investors who are already holding the SUKUK can trade them while new investors have an opportunity to buy the SUKUK in the secondary market.


Wednesday, 17 March 2021 17:13


Wednesday, 17 March 2021 17:13


Wednesday, 17 March 2021 17:12


Wednesday, 17 March 2021 17:12


Wednesday, 17 March 2021 17:11


Wednesday, 17 March 2021 17:10

Press Release: Public Debt Data as at December 31, 2020

Tuesday, 16 March 2021 13:21

Nigeria’s Total Public Debt as at December 31, 2020 was N32.915 Trillion. The figures include the Debt Stock of the Federal and State Governments, as well as, the Federal Capital Territory.

It will be recalled that after Nigeria exited recession in 2017, the level of New Borrowing at the Federal Level as shown in the Annual Appropriation Acts, had been declining as part of the Government’s measures to moderate the rate of Growth in the Public Debt Stock in order to ensure debt sustainability. New Borrowing to part finance Budget Deficits had declined steadily from N2.36 Trillion in 2017 to: N2.01 Trillion in 2018, N1.61 Trillion in 2019 and N1.59 Trillion in the first 2020 Appropriation Act. This trend was reversed in 2020 due to the economic and social impact of the COVID-19 Pandemic as New Borrowing in the revised 2020 Appropriation Act was N4.20 Trillion. Many countries including the advanced countries also increased their level of borrowing as a result of COVID-19.

It should be noted though, that apart from the New Domestic Borrowing of N2.3 Trillion, the other New Borrowings were concessional Loans from the International Monetary Fund (USD3.34 Billion) and other multilateral and bilateral lenders. This incremental borrowing to part-finance the 2020 Budget and the additional issuance of Promissory Notes to settle some arrears of the Federal Government of Nigeria, contributed to the increase in Public Debt Stock. New Domestic Borrowings by State Governments also contributed to the growth in the Public Debt Stock.

Total Public Debt to Gross Domestic Product as at December 31, 2020 was 21.61% which is within Nigeria’s new Limit of 40%. The various initiatives of Government to increase revenues such as the Strategic Revenue Growth Initiative and the Finance Act, 2020, should help shore up Government’s revenue and reduce the Debt Service to Revenue Ratio.


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March 15, 2021

Press Release: Clarification on the "N2.2 Trillion Debt Service Provision in the 2018 Appropriation Act"

Monday, 01 March 2021 18:30

The attention of the Debt Management Office (DMO) has been drawn to the allegations by some media outlets that the Debt Management Office (DMO) was unable to account for the 2.2 trillion allocation to the DMO in the 2018 Appropriation Act. The statement is not only false, but extremely misleading.

The media outlets made the statement following the DMO’s appearance at the hearing of the Public Accounts Committee of the House of Representatives on Friday, February 26, 2021. At the session, the Committee enquired about the utilisation of the 2.2 trillion provided in the 2018 Appropriation Act; of which N2.1 trillion was allocated for Debt Service and the DMO’s appropriation of 721,251,798.00, making it 2.2 trillion.

The DMO explained to the Public Accounts Committee that the amount of 2.2 trillion was not available as the DMO’s total allocation since 2.1 trillion was specifically meant for servicing of Nigeria’s Domestic and External Debt. This explains why the Debt Service is expressly stated as a separate line item in the annual Appropriation Acts, while the DMO’s Expenditure is also stated separately.  

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