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Fed Govt Eyes $1bn from Sales of Dollar-denominated Bonds
The Federal Government of Nigeria has introduced its Series I Domestic USD Bond, aiming to raise a minimum of $500m from both local and international investors.
In an auction circular released, the government said it aims to double its initial offer, targeting $1bn in subscriptions through this bond auction.
However, this auction comes at a time when five of Nigeria’s Eurobonds were ranked among the worst performers in a Bloomberg index of emerging and frontier sovereign debt.
Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had earlier affirmed that it would issue $500m domestic foreign currency-denominated bonds in August.
Edun said the government needs to attract savings from Nigerians held abroad.
“We are using the Nigerian financial system, the Securities and Exchange Commission, the banking system, the investment bankers to issue $500m in the first instance that will be available and will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu,” he said in an interview.
The circular stated that the bond programme has a total size of up to $2.0bn, which can be upsized depending on the issuer’s discretion.
The bond has a five-year tenor, offering a medium-term investment opportunity for investors looking for stable returns.
It was also stated that the bond’s coupon rate is benchmarked to comparable FGN Eurobonds yields, ensuring competitive returns that align with international market standards.
Interest payments will be made semi-annually, providing regular income streams to investors and enhancing the bond’s appeal.
The bond offers bullet repayment at maturity in US dollars, ensuring full repayment of the principal amount at the end of the five-year term.
The bond is open to Nigerians and non-Nigerians resident in Nigeria, Nigerians in the Diaspora, and Qualified Institutional Investors
CDS), General Christopher Musa, has warned that military takeovers in West Africa pose a significant threat to democratic values and regional stability.
Bola Tinubu has pleaded with Nigerians to be patient with his administration, assuring the country is about to enter a new dawn.
), Mele Kyari, has declared that he will reveal the truth about the company’s operations when the time is right.
Over $10 billion is being invested by state governments and private sector companies in the development of new deep and river
How Soldier’s Warning Shot Kills Teenage Protester in Zaria– Army Spokesman
Saudi Arabia has officially submitted its bid to host the 2034 FIFA World Cup. If selected, the country plans to build 11 new state-of-the-art stadiums across five cities
Politics
The Police in Jigawa have arrested an ex-convict for allegedly stealing a car in Jahun Local Government Area (LGA) of the state.
The Minister of Information and National Orientation, Mohammed Idris, has said the Tinubu Administration has set up the structures to create three million jobs for the Nigerian youth through the 3 Million Technical Talent (MTT) Programme.
A Rivers State High Court sitting in Port Harcourt, on Monday, sacked the seven-man caretaker committee of the All Progressive Congress in the state led by Tony Okocha, which was inaugurated by the National Working Committee of the party.
Nigerian businessman and philanthropist, Tony Elumelu, has urged the federal government and security agencies to reveal the identities of those responsible for the massive theft of crude oil in Nigeria, particularly through vessels moving in and out of the country’s territorial waters.
The West African Examinations Council (WAEC) has withheld results of 215, 267 candidates, who sat for the 2024 West African Senior School Certificate Examination (WASSCE) (School Candidates) over alleged malpractice.
The Federal Government on Monday has called on local and international investors to partner with the Defence Industries Corporation of Nigeria (DICON) to enhance domestic production of military arms and equipment.
with even greater satisfaction that I now reflect on the result, which heralds a resounding victory for President Donald J. Trump and the Republican Party.
Health
Federal Executive Council (FEC) has set up a multi-ministerial committee to develop a transition and sustainability plan to mitigate potential funding disruptions, following the recent executive order by US President Donald Trump to reassess and realign foreign aid,
Politics
President Bola Tinubu has commended the former Governor of Ekiti State, Kayode Fayemi, described him as leader who contributed immensely to the development of the country
Lifestyle
President Bola Tinubu has commended the former Governor of Ekiti State, Kayode Fayemi, described him as leader who contributed immensely to the development of the country
(DAWN) Commission, Dr ‘Seye Oyeleye, has commended the immediate past Governor of Ekiti State and former Minister of Solid Minerals, Dr Kayode Fayemi, for his instrumental role in the establishment of the
Kayode Fayemi, former Governor of Ekiti State, is set to mark his 60th birthday in grand style, with a lineup of high-profile speakers, including former Presidents Thabo Mbeki of
The Police Command in the Federal Capital Territory (FCT), has detained a woman for allegedly abandoning her one-day old baby along a bush path in Abuja.
No fewer than three policemen and one suspect were killed in a fatal road accident that reportedly occurred on the Benin-Ore-Ijebu Ode Expressway in Ore, the headquarters of
National Bureau of Statistics (NBS) has reported over 25 million phone thefts between March 2023 and April 2024, according to its Crime Experience and Security Perception Survey 2024.
Lagos State House of Assembly under the Speaker, Mudashiru Obasa, spent at least N200million on Friday evening to organise a lavish end-of-year party for its members amid the gruelling economic hardship being faced by most residents in Lagos and nationwide.