Nigeria Redeems USD$300m Borrowed To Finance 2017 Budget Deficit

The Debt Management Office (DMO) has announced the redemption of USD$300 million Diaspora Bond which matured on June 27, 2022.

DMO announced the debt repayment in a statement issued on Wednesday, June 29, 2022 in Abuja.

The office said, the Bond was issued on June 27, 2017, for a tenor of five (5) years in the International Capital Market and the proceeds were used to partly finance the deficit in the 2017 Appropriation Act.

The statement in part read: “Nigeria has again demonstrated its commitment to honouring its debt obligations as at when due by the redemption of the USD300 million Diaspora Bond which matured on June 27, 2022.

“The Diaspora Bond was issued on June 27, 2017, for a tenor of five (5) years in the International Capital Market and the proceeds were used to partly finance the deficit in the 2017 Appropriation Act.

“In addition to the objective of raising funds for the Government, it was an initiative to avail the Nigerian Diaspora the opportunity to invest in their home country.

“With the redemption of the USD500 million Eurobond in January 2021 and recently, the USD300 million Diaspora Bond, the FGN has increased investors’ confidence in its commitment and ability to fulfill its debt obligations at maturity thereby reinforcing its presence in the International Capital Market”, the statement said.

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