National Debt Management Framework (2018 - 2022)

Monday, 11 February 2019 17:12

The National Debt Management Framework (NDMF), is a Reference document, as well as a compendium of Nigeria’s key Debt Management Policies, Strategies and Frameworks. It has been designed to ensure that government’s borrowing activities are conducted in accordance with statutory provisions and regulations, as well as international best practices. Click here to download.

Press Release for January 2019 FGN Bond Auction

Thursday, 31 January 2019 08:01

JANUARY 2019 FGN BOND AUCTION OVERSUBSCRIBED

At the first FGN Bond Auction for 2019 on Wednesday, January 30, 2019, the Debt Management Office (DMO) offered 3 instruments with total value of N150 billion. Total subscriptions from investors for the bonds was over N197 billion, indicating a subscription level of 131%.

Successful bids were allotted at the rate of 15.20% for the 5-year, 15.25% for the 7-year and 15.35% for the 10-year bonds. The rates for the allotments were consistent with the yields in the secondary market.

Investor preference was mainly for the 10-year Bond which had a subscription level of 299%.

In accordance with its policy of keeping the Government’s borrowing costs at prudent levels, the DMO allotted a total of N116.98 billion to successful bidders.

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 30, 2019

Opening Remarks by the HMF at the Ceremony for the Presentation of Symbolic Cheque of N100bn Sovereign Sukuk Proceeds to the FMP, W&H

Friday, 11 January 2019 14:46
  • The Federal Government of Nigeria successfully issued a N100 billion Sovereign Sukuk in December 2018. The Offer was oversubscribed to the tune of N132.2 billion or 132.2%.

  • The Offer was opened to the general public and Subscriptions were received from a wide range of investors: Retail Investors, Pension Fund Administrators, Deposit Money Banks, Fund Managers and Non-Bank Financial Institutions and Other Institutional Investors (Table I). An indication of the wide acceptance of the financing product.

TABLE 1: FGN N100 BILLION SOVEREIGN SUKUK INVESTOR DISTRIBTUION
INVESTOR CATEGORY AMOUNT (NAIRA) PERCENTAGE
PENSION FUND ADMINISTRATORS 40,692,000,000 40.69
DEPOSIT MONEY BANKS 17,500,000,000 17.50
RETAIL INVESTORS 17,326,411,000 17.33
FUND MANAGERS & NON-BANK FINANCIAL INSTITUTIONS 11,652,602,500 11.65
NON-INTEREST BANKS/ETHICAL FUNDS 10,943,701,500 10.94
OTHER INSTITUTIONS INVESTORS 1,885,285,000 1.89
TOTAL 100,000,000,000.00 100.00

  • The significant increase in the level of participation by Retail Investors from about 4% in the debut Issuance in 2017 to 17.33% in 2018 means that the objectives of financial inclusion and deepening of the Investor Base of FGN Securities are gradually being achieved. A total of 1876 Retail Investors participated in the Sukuk Issuance.

  • Proceeds will be used to further support government capital spending for 2018 – the construction and rehabilitation of Twenty- Eight (28) key economic roads across the six (6) geo-political zones of the country. Each of the Zones has equal allocation of  N16.67 billion. The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap.

  • The Sukuk funding option is part of the initiatives of the government to: diversify government funding sources, while also deepening the Nigerian capital market, mobilising more savings and promoting financial inclusion.

  • The use of proceeds of the Issuance has an in-built investor protection mechanism in two forms:

ü  The Trustees (FBNQuest Trustees Limited and STL Trustees Limited) both registered by Securities & Exchange Commission will monitor the disbursement of the Sukuk Proceeds.

ü  The Sukuk Proceeds have been ring-fenced in a dedicated account at the Central Bank of Nigeria to ensure that they are utilised only for the Road Projects.

  • The funds will be released to the Federal Ministry of Power, Works & Housing based on the framework agreed with the Trustees in order to ensure transparency and accountability in the use of proceeds.

January 10, 2019

Handover of the second N100 Billion Sukuk Cheque to the Ministry of Power, Works and Housing

Thursday, 10 January 2019 16:57

The Honourable Minister of Finance Presents Symbolic N100 Billion Sukuk Cheque to the Federal Ministry of Power, Works And Housing

Press Release on Q3 2018 Public Debt Data

Friday, 28 December 2018 16:04

Nigeria’s Total Public Debt Stock comprising the External and Domestic Debts of the Federal Government of Nigeria (FGN), the 36 States and the Federal Capital Territory (FCT) stood at USD73.213 Billion or N22.429 Trillion. These were about the same as the figures of USD73.208 Billion and N22.38 Trillion recorded in June 2018.