Nigeria Redeems $300m Diaspora Bond Amid Worsening Revenue

The Debt Administration Put of enterprise (DMO) says Nigeria has redeemed a $300m diaspora bond, which matured on June 27, 2022.

In a commentary printed on its web space, the DMO stated that the bond modified into issued on June 27, 2022, for a tenure of 5 years in the Worldwide Capital Market.

The DMO added that the proceeds from the bond had been partly ancient to finance the deficit in the 2017 Appropriation Act.

It furthermore assured bond investors of Nigeria’s dedication to honouring its debt obligation, urging the Nigerian Diaspora to make investments extra in the nation.

The commentary read in section, “Nigeria has again demonstrated its dedication to honouring its debt duties as at when due by the redemption of the $300m Diaspora Bond which matured on June 27, 2022.

“The Diaspora Bond modified into issued on June 27, 2017, for a tenure of 5 years in the Worldwide Capital Market and the proceeds had been ancient to partly finance the deficit in the 2017 Appropriation Act.

“As properly as to the aim of elevating funds for the Government, it modified into an initiative to avail the Nigerian Diaspora the replace to make investments of their dwelling nation. With the redemption of the $500m Eurobond in January 2021 and now not too long previously, the $300m Diaspora Bond, the FGN has elevated investors’ self belief in its dedication and potential to fulfil its debt duties at maturity thereby reinforcing its presence in the Worldwide Capital Market.”