Sunday, September 23, 2018

Tag "Debt Management Office DMO"

    FG: States owing salaries won’t get Paris Club refund

FG: States owing salaries won’t get Paris Club refund

The federal government says states must clear owed salaries and other related staff arrears before they would be able to access the remaining $2.69 billion Paris Club refund.Hassan Dodo, director of information, federal ministry of finance, made this known in a statement released on Tuesday."The DMO led the reconciliation process under the supervision of the Federal Ministry of Finance. The final [...]

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    Adeosun appointed board chairman of Nigeria Bulk Electricity Trading company

Adeosun appointed board chairman of Nigeria Bulk Electricity Trading company

Kemi Adeosun, the minister of finance, has been appointed as the chairman, board of directors of Nigeria Bulk Electricity Trading Company (NBET).In a statement released on Wednesday, Hassan Dodo, the director of information at the ministry of finance, said the appointment was approved by the Acting President Yemi Osinbajo.According to Dodo, the director-general, Bureau of Public Enterprises is the vice [...]

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    FG to borrow fresh $2.8bn for 2018 budget

FG to borrow fresh $2.8bn for 2018 budget

The federal government is planning to borrow $2.8 billion to fund the deficit of the recently passed 2018 budget.Patience Oniha, director general of the Debt Management Office (DMO), made this known while speaking to Reuters on Wednesday."We will explore all options keeping in mind our twin objectives of extending the tenor of the debt stock and lowering costs," she said, [...]

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    May auction results show short term bonds no longer attractive

May auction results show short term bonds no longer attractive

Figures provided by the Debt Management Office (DMO) show that the five- year and seven-year tenor bonds offered by the federal government in May did not record up to 50 percent allotment.According to the auction results released on Thursday, only the 10-year tenor bond was oversubscribed.A total of N50.45 billion was realised from the auction, lower than the N70 billion target.Of the N20 [...]

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    DMO: Nigeria must take loans to fund 2018 budget

DMO: Nigeria must take loans to fund 2018 budget

Patience Oniha, director general of Debt Management Office (DMO), says the federal government must take loans to fund the 2018 budget and the capital projects.Speaking on Monday at the public presentation of the Spring 2018 issue of the International Monetary Fund Regional Economic Outlook for Sub-Saharan Africa, Oniha said Nigeria can not claim to be an oil-producing nation like Saudi [...]

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    Huge investor appetite for FG’s new five-year bond, oversubscribed by 60%

Huge investor appetite for FG’s new five-year bond, oversubscribed by 60%

Investors have shown a healthy appetite for the new five-year tenor bond introduced by the federal government through the Debt Management Office (DMO).According to the bond auction results released by the agency on Wednesday, the bond was oversubscribed by 60.9 percent.The DMO offered N30 billion for the five-year tenor bond at 12.75 percent and the N38.29 billion was eventually allotted.A [...]

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    Adeosun: No apologies for borrowing to end recession

Adeosun: No apologies for borrowing to end recession

Kemi Adeosun, minister of finance, says the current administration has no apologies for borrowing to end recession.In 2016, Nigeria's economy slipped into its worst recession in 29 years and the government deployed various debt instruments like Eurobonds, Savings bond and Sukuk to raise funds.Speaking with journalists on the sidelines of the ongoing Spring meetings of the International Monetary Fund and [...]

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    Nigeria drops five places on KPMG’s ‘growth promise ranking’

Nigeria drops five places on KPMG’s ‘growth promise ranking’

Nigeria dropped five places to be ranked 158 in a new report released by KPMG, audit and financial advisory firm.The report, which is titled Growth Promise 2018, ranked countries based on macroeconomic stability, institutional strength, openness and human capital.Nigeria ranked 158 of the 181 countries. Mauritius, Botswana and Rwanda were the highest ranked African countries in the report.Nigeria got a score of [...]

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    Bonds recover, record oversubscription — for second month in a row

Bonds recover, record oversubscription — for second month in a row

The Debt Management Office (DMO) says the 10-year tenor bond was oversubscribed by 97% in the just concluded October auction.According to a bond summary released by the agency, the five-year tenor bond only recorded six percent subscription.Out of the N50 billion offered for each bond, the five-year tenor bond recorded N3 billion subscription from six successful bids while the 10-year [...]

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    FGN Sukuk beats expectations, oversubscribed by 6%

FGN Sukuk beats expectations, oversubscribed by 6%

The debut N100 billion Sukuk offer by the Debt Management Office (DMO) was oversubscribed by 5.8% approximately 6%.According to a statement issued by the office, investors in the bond, which has a seven-year tenor, included pension funds, banks, fund managers and retail investors.DMO said the total subscription to the Sukuk offer was N105.88 billion.Patience Oniha, DMO director general, said the [...]

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    Bad outing for bonds as investors shun auctions

Bad outing for bonds as investors shun auctions

The Debt Management Office (DMO) says it raised N56.05 billion in a bond auction on Wednesday, which is less than half of the amount offered.The DMO had offered N135 billion worth of bonds maturing in 2021, 2027 and 2037 at interest rates of 16.8%, 16.8% and 16.9% respectively.At Wednesday's auction, the debt office sold N9.18 billion worth maturing in five [...]

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    Nigeria’s external debt now $9.4bn

Nigeria’s external debt now $9.4bn

The Debt Management Office (DMO) says Nigeria's external debt profile stood at $9.4 billion as at the end of March 2015.This was disclosed in a release that DMO published on its website on Monday, detailing the country’s debt stock profile.According to the release, the figure shows a decrease of about $300 million from the $9.7 billion that the country had as its [...]

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    Thou shall not borrow, FG tells states

Thou shall not borrow, FG tells states

Bashir Yuguda, the minister of state for finance, says the federal government has discouraged states from further borrowing describing the country’s debt profile as "scary". In a lecture titled, ‘Nigeria’s Economic Policies and Reforms’ at the National Defence College, Abuja, the minister explained that most of the states were experiencing difficulties in servicing their existing debts adding that it would be unwise to add [...]

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    Sarah Alade named new chairman of FMDQ board

Sarah Alade named new chairman of FMDQ board

The deputy governor, Economic Policy Directorate, Central Bank of Nigeria (CBN), Mrs Sarah Alade, has emerged as the new board chairman of the Financial Market Dealers Quotation (FMDQ) OTC Plc.Alade emerged the new chairman on Thursday at the FMDQ's second Annual General Meeting (AGM) in Lagos.She replaces Mr. Aigboje Aig-Imoukhuede, who retires on August 1.Otgoing Aig-Imoukhuede urged the management and shareholders of [...]

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    NSIA to manage $350m power fund for NBET

NSIA to manage $350m power fund for NBET

The Nigerian Bulk Electricity Trading Plc (NBET) and the Nigeria Sovereign Investment Authority (NSIA) on Thursday signed a funds management agreement over the $350 million (N56.7 billion) allocated to NBET for power generation projects in the country.The fund, generated from the $1 billion Eurobond issued by the federal government in July 2013, which is to enable NBET enter power purchase agreements [...]

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Exchange Rates

September 21, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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