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Nigeria’s public debt soars to N134.3tn in Q2 2024

Nigeria’s public debt stock has surged to N134.3 trillion ($91.3 billion) as of the end of the second quarter of 2024, marking a 10.35% increase from N121.7 trillion ($91.5 billion) in the first quarter, according to the Debt Management Office. An official document from the Ministry of Finance, indicates that this rise is primarily attributed […]

CBN warns public against fake contracts, grants, intervention fund scams
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FG releases list of licensed Deposit Money Banks

The Central Bank of Nigeria has unveiled a comprehensive roster of licensed Deposit Money Banks currently operating within the country, shedding light on the banking landscape in Nigeria. The list, which was publicly disclosed on the CBN’s official website on Tuesday, provides valuable insights into the various players in the Nigerian banking sector. Among the […]

News

DMO unveils May FGN savings bond rates

The Debt Management Office has announced that the federal government of Nigeria is offering bonds for May. This was disclosed in a circular posted on the official X handle of DMO on Monday. According to the announcement made by DMO, the bond offering comes in two categories. The 2 years and the 3 years saving […]

Lagos tops list of states with most external debt
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Lagos tops list of states with most external debt

The Debt Management Office recently revealed that the total external debt stock of the 36 states and the Federal Capital Territory reached $4.61 billion by December 31, 2023, up from $4.46 billion recorded in the previous year. Over the span of one year, the foreign debt of the 36 states and the FCT saw a […]

Nigeria’s debt profile rises to N97.34trn
News

Nigeria’s debt profile rises to N97.34trn

The Debt Management Office has revealed an increase in Nigeria’s public debt, rising by 10.7% to N97.34 trillion in the fourth quarter of 2023, compared to N87.91 trillion recorded in the previous quarter. This surge in debt levels was primarily driven by new domestic borrowing initiatives by the Federal Government, aimed at partially financing the […]

Business

DMO opens FGN bonds offer for March at 16.09%

By Melvin Onwubuke The Debt Management Office has initiated the subscription process for two-year and three-year Federal Government of Nigeria bonds for March 2024 with an interest rate of up to 16.097%. This was disclosed in a statement on DMO’s official website on M jgonday. The subscription period is set to last for five days, […]

Business

Nigeria’s external debt drops by $1.57bn in Q3 – DMO

The overall external debt stock of Nigeria fell by $1.57bn in the third quarter of 2023, from $43.16 billion to $41.59 billion as of September 30, 2023. The Times reported that this is according to the Debt Management Office’s third-quarter public debt report. The cause for the reduction, according to the statement, is the redemption of […]

Business

Nigeria’s public debt hits N87.3trn Q2 2023- DMO

Nigeria’s overall public debt increased to N87.38 trillion by the end of the second quarter of 2023, according to the Debt Management Office. According to The Times, when compared to the N49.85tn reported at the end of March 2023, this statistic shows a significant rise of 75.29 percent or N37.53tn. In a recent report, the DMO […]

Business

How DMO sold N406bn treasury bills in July – Report

The Debt Management Office sold off treasury bills worth N406.10 billion in July 2023. The Punch reported that the value of T-bills sold across its auctions in June increased by 0.39 percent (N1.59 billion) month on month to 404.51 billion. The FMDQ Exchange financial markets monthly report for July, which was released on Wednesday, indicated this. […]

N130bn Sukuk listed on NGX, FMDQ - DMO
Business

N130bn Sukuk listed on NGX, FMDQ – DMO

The Presidency’s Debt Management Office announced the listing of N130 billion in sovereign sukuk on the Nigerian Exchange and FMDQ on August 8, 2023. This information was provided in a statement from the debt management office. The successful oversubscription of the N100 billion launched in November 2022 led to the listing of this security. This […]

N130bn Sukuk listed on NGX, FMDQ - DMO
Economy

Nigeria to pay off $500 million Eurobond loan in July – DMO

Nigeria is set to redeem a $500 million Eurobond this month, although the country still faces numerous economic difficulties. According to information from the Debt Management Office, the bond was purchased at a coupon rate of 6.375% annually five years ago and the $500 million Eurobond loan is now due for repayment this month in accordance with its […]

Business

How debt servicing increased to N1.24tn in Q1 2023 – Report

Nigeria’s debt servicing costs rose by 55.71% to N1.24 trillion in just three months. According to The Punch, data from the Debt Management Office shows that between October and December 2022, Nigeria spent N406.77 billion on servicing domestic debt and N143.74 billion on servicing overseas debt, for a total of N550.51 billion. However, between January […]

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