• About
  • Advertise
  • Our Privacy Policy
  • Contact
Tuesday, June 24, 2025
No Result
View All Result
  • Login
  • Register
MetrowatchXtra
  • WORLD
  • BUSINESS
  • POLITICS
  • HEALTH
  • SPORTS
  • OP-ED
  • ENTERTAINMENT
  • WORLD
  • BUSINESS
  • POLITICS
  • HEALTH
  • SPORTS
  • OP-ED
  • ENTERTAINMENT
No Result
View All Result
MetrowatchXtra
No Result
View All Result
Home EXECUTIVE

DMO Offers fresh N250Bn Sukuk for Subscription Amid Rising Debt

•Nigeria's debt as at Sept 30, 2021 stands at $92.6Bn

MetrowatchXtra by MetrowatchXtra
December 16, 2021
0 0
0
•The SUKUK instrument

•The SUKUK instrument

 

By Kadiri Abdulrahman

 

The Debt Management Office (DMO) has offered for subscription N250 billion road Sukuk instrument for N1,000 per unit.

 

A statement in DMO’s website indicates that the instrument was issued by “FGN Roads Sukuk Companies 1 Plc.” on behalf of the Federal Government.

 

The offer is N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

 

“It qualifies as securities in  which trustees can invest under the Trustee Investment Act.

 

“It also qualifies as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors,” the DMO explained.

 

It added that the Sukuk instrument is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.

READ ALSO  ANAMBRA 2021 | APC's Andy Uba Rejects Soludo's Victory, Eyes Tribunal

 

“Classified as Liquid Asset by the Central Bank of Nigeria, and certified by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria.

 

“It is backed by the full faith and credit of the Federal Government of Nigeria.”

 

The DMO explained that proceeds would be used solely for the construction and rehabilitation of key road projects across the six geopolitical zones of the country.

 

 

It announced the due date as December 2031, and Rental Rate 12.80 per cent per annum.

 

Meanwhile,  the DMO has announced that  Nigeria’s Total Public Debt as at Sept. 30, is N38 trillion (92.62 billion dollars).

 

 

The office stated that the data included the Total External and Domestic Debts of the Federal Government of Nigeria, 36 State Governments and the Federal Capital Territory.

READ ALSO  Edo Gets N2.5Bn Grant from ASR Africa to Equip Stella Obasanjo Hospital

 

It explained that the increase of N2.54 trillion when compared to the corresponding figure of N35.4 trillion at the end of the second quarter of 2021 was accounted for by the 4 billion dollars Eurobonds issued by the Government in September.

 

“The issuance of the 4 billion dollars Eurobonds has brought significant benefits to the economy by increasing the level of Nigeria’s External Reserves, thereby supporting the Naira Exchange Rate and providing necessary capital to enable the Federal Government finance various projects in the Budget.

 

“The triple tranche 4 billion dollars Eurobond, issued in September 2021, was for the implementation of the New External Borrowing of 6.18 billion dollars in the 2021 Appropriation Act,” DMO explained.

 

(NAN)

Tags: DMOPATIENCE ONIHARoad ProjectSUKUK
MetrowatchXtra

MetrowatchXtra

RELATED POST

Edo Govt to Embark on New Road Project in Ekenwan
Latest News

Edo Govt to Embark on New Road Project in Ekenwan

by Kemi Sheriepha
December 17, 2024
0

Edo State Government will soon commence work on the long stretch of road linking the prayer ground of the Edo...

Read moreDetails
DMO Sells New Bonds Valued at N225Bn

REJOINDER | DMO Issues Clarifications on Nigeria’s Eurobond Issuance | METROWATCH

March 15, 2024
DMO

FGN Bonds: DMO Raises N1.4 trn in February Auction | METROWATCH

February 21, 2024
DMO Takes FGN Savings Bond Sensitisation to Benue State | METROWATCH

DMO Takes FGN Savings Bond Sensitisation to Benue State | METROWATCH

November 9, 2023
DMO Sensitises A’Ibom Investors on FGN Securities’ Investment Opportunities | METROWATCH

DMO Sensitises A’Ibom Investors on FGN Securities’ Investment Opportunities | METROWATCH

July 27, 2023
Nigeria Repays $500m Eurobond Debt, says DMO | METROWATCH

Nigeria Repays $500m Eurobond Debt, says DMO | METROWATCH

July 12, 2023
Load More

APO

Recent Posts

  • Taraba Poly Student Loses Both Hands While Hoisting PDP Flag
  • Federal Gov’t Slams Fresh Cybercrime Charge Against Kogi Central Senator Natasha
  • Brazilian Vice President Geraldo Alckmin, Wife Arrive Nigeria
  • Tinubu’s Nigeria First Policy and Quest for Economic Nationalism, By Owaikhena Osikhekha
  • CMD UMTH Calls for Philanthropic Support to Enable the Hospital Save More Lives from CKD

Recommended

IWD: FCT Mass Education Advocates for Promotion of Women in Rural Communities

Abuja on Red Alert as Emergency Agency Projects Heavy Downpour Sunday | METROWATCH

2 years ago
Labour Party Rejects Defecting Party Chair over Corruption Allegations

Lagos Guber Poll: Labour Party Calls for Total Cancelation

2 years ago
MetrowatchXtra

MetrowatchXtra is an online daily newspaper poised to act as a catalyst in our debate and desire for well-governed Nigeria and provide the much-needed platform for all, irrespective of social, religious or political divide, to express their views.
Metrowatchxtra Nigeria

  • About
  • Advertise
  • Our Privacy Policy
  • Contact

© 2024 Metrowatchxtra Nigeria Published by Miraculous Media Connect Limited. All rights reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Sports
  • Tech
  • Health

© 2024 Metrowatchxtra Nigeria Published by Miraculous Media Connect Limited. All rights reserved