Thursday, September 20, 2018

Tag "DMO"

    REVEALED: Nigeria’s debt rose to N22.4trn in six months

REVEALED: Nigeria’s debt rose to N22.4trn in six months

The Debt Management Office (DMO) says Nigeria’s total debt rose to N22.4 trillion in the first half of the 2018 financial year.This represents a three percent increase from the N21.68 trillion recorded at end of December 2017.Patience Oniha, director general of the DMO, made the revelation while addressing reporters in Abuja on Tuesday.According to her, the rise in total debt [...]

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    DMO: Nigeria’s debt hit N22.7trn in Q1 2018

DMO: Nigeria’s debt hit N22.7trn in Q1 2018

Nigeria’s total debt rose slightly by 4.5 percent to N22.7 trillion in the first quarter of 2018, the country’s debt management office (DMO) has said.In a statement issued on the DMO’s website on Wednesday, it said the increase was largely due to a growth in the domestic debts of states and the Federal Capital Territory (FCT).The proceeds from the $2.5 [...]

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    DMO: N400bn injected into the economy to service debt

DMO: N400bn injected into the economy to service debt

Patience Oniha, director-general, Debt Management Office (DMO),  says the federal government has injected N400bn into the economy to service its debt and improve liquidity.Oniha, who spoke in Lagos, said the fund was government’s strategy to reduce its debt profile and reduce interest rate on government’s lending from 18 per cent to 14 per cent.She said this would improve the ability [...]

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    DMO: Sukuk made it possible to construct Okene bypass

DMO: Sukuk made it possible to construct Okene bypass

The Debt Management Office (DMO) says Sukuk represents a step forward in Nigeria’s drive for the development of infrastructure, in line with the economic recovery and growth plan (ERGP).DMO, in a statement on Monday, said Sukuk "made it possible" to construct the Okene bypass and also the resumption of work on the Kaduna Eastern bypass on which infrastructure had been delayed.The statement [...]

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    DMO: American investors are largest buyers of Nigeria’s Eurobond

DMO: American investors are largest buyers of Nigeria’s Eurobond

The Debt Management Office (DMO) says American investors are the largest buyers of Nigeria’s $2.5bn Eurobond.New data released by DMO indicated that for Eurobond notes with a 12-year tenor, American investors purchased 55%, while British investors bought 32%; European investors took 11% of the Eurobond.For Eurobond with 20-year tenor, American investors bought 59% while British and European investors purchased a combined [...]

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    DMO: Foreign debt servicing hit $197.29m in Q3

DMO: Foreign debt servicing hit $197.29m in Q3

A total of $197.29m was spent on servicing Nigeria’s foreign debts in the third quarter of 2017 (Q3 2017), according to the Debt Management Office (DMO).Data obtained from the DMO on Wednesday showed that commercial loans or Eurobonds, accounted for the highest foreign debt payment, gulping 53 percent of the country’s external loan commitment.Following closely was multilateral sources which accounted [...]

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    FG raises N6.7bn from savings bond in eight months

FG raises N6.7bn from savings bond in eight months

The federal government has raised N6.7 billion through the auction of savings bonds in the last eight months, the Debt Management Office (DMO) has said.An analysis of data from the DMO showed that the savings bond was highly subscribed in the first few months.At its debut offer in March, the debt office raised N2.068 billion from the 13.01 percent two-year [...]

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    How 36 states spent N2.67bn servicing foreign loans

How 36 states spent N2.67bn servicing foreign loans

The 36 states of the federation spent N2.67 billion to service external debt in September.The amount is contained in a report which NAN obtained from the office of the accountant-general of the federation on Wednesday.Figures from the Debt Management Office (DMO) also showed that as of June 30, 2017, the 36 state governments and the federal capital territory (FCT) had a [...]

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    FACT CHECK: Do Sukuk bonds lead to Islamisation?

FACT CHECK: Do Sukuk bonds lead to Islamisation?

Last week, the federal government issued a seven-year N100 billion Sukuk bond. Patience Oniha, director general of the Debt Management Office (DMO), said proceeds from the bonds would be used to finance the construction of 25 major roads across the six geopolitical zones in the country. Nigerians were still trying to study and understand the concept when the Christian Association of Nigeria [...]

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    Oniha appointed DG of Debt Management Office

Oniha appointed DG of Debt Management Office

Acting President Yemi Osinbajo has approved the appointment of Patience Oniha as the new director-general of Debt Management Office (DMO).Kemi Adeosun, minister of finance, announced the appointment in Abuja on Friday.Oniha takes over from Abraham Nwankwo, former director-general, who retired after his ten-year tenure at DMO.One of the longest serving DGs of the office, Nwankwo had served for two terms [...]

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    NEITI: Lagos, Delta, Osun lead as debt burden of 36 states rises to N3.3trn

NEITI: Lagos, Delta, Osun lead as debt burden of 36 states rises to N3.3trn

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 states of the federation rose to over N3.342 trillion as of 2016.Lagos, Delta, Osun and Akwa Ibom topped the debt chart, with a total debt profile of N1.262 trillion representing about 38% of debts owed by the 36 states of the federation.The break down shows [...]

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    REVEALED: Nigeria’s debt profile is $57.39bn

REVEALED: Nigeria’s debt profile is $57.39bn

Abraham Nwankwo, director-general of the Debt Management Office (DMO), on Thursday revealed that the nation’s total debt profile as of December 31, 2016, was $57.39 billion (N17.36 trillion).He made this known while defending the agency’s 2017 budget before the senate committee on local and foreign debts in Abuja.Nwankwo said the amount included domestic and foreign debts owed by the country.He [...]

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    Repaying $30bn loan won’t be difficult, says FG

Repaying $30bn loan won’t be difficult, says FG

The debt management office (DMO), which is under the finance ministry, says Nigeria will easily repay the loan of $29.9 billion in 30 years if it succeeds in getting it.In a statement on Tuesday, Festus Akanbi, spokesman of the minister of finance, said Abraham Nwankwo, director-general of the DMO, provided clarifications on the proposed foreign loans while speaking on Sunrise [...]

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    Nigeria looks abroad for over N300bn budget funding

Nigeria looks abroad for over N300bn budget funding

Nigeria is turning abroad for over N300 billion to bridge the funding deficit in the 2016 budget.According to the debt management office (DMO), the country is seeking two lead managers and a financial adviser to organise the issuance of $1 billion (N315 billion) of Eurobonds in 2015.This is coming a few weeks after Kemi Adeosun, minister of finance, informed Nigerians [...]

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    It’s goodbye to subsidy as FG clears N48bn outstanding debt

It’s goodbye to subsidy as FG clears N48bn outstanding debt

The federal government has paid N48.2 billion outstanding subsidy arrears to oil marketers.Kemi Adeosun, minister of finance, disclosed this on Tuesday.Adeosun said the payment was made  to enable the oil marketers import petroleum products and meet up their other financial needs.“The N48.2 billion outstanding subsidy arrears owed oil marketers in 2015 has been paid," she said in a statement by Salisu Dambatta, [...]

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Exchange Rates

September 20, 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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