By Modupe Gbadeyanka
The Debt Management Office (DMO) says it raised N2.07 billion ($6.6 million) from a new two-year savings bond intended for retail investors.
The debt office made this disclosure on Thursday, emphasising that it offered the bond to help broaden the country’s funding base.
According to Reuters, Nigeria forecasts a budget deficit of N2.4 trillion in 2017, half of which it aims to fund through domestic borrowing.
The DMO said the bonds would be available for purchase on a monthly basis and have a maximum subscription of N50 million and carries a coupon of 13.01 percent.
The March auction attracted subscription from over 2,500 applicants during the five-day sale period, the DMO said, adding that the next sale will be on April 3.
The government plans to increase public spending by almost 20 percent this year and has obtained parliament’s approval for a $500 million Eurobond, after raising $1 billion from international debt market last month.
Outstanding total debt rose to N17.4 trillion last year from N12.6 trillion in 2015 and is set to increase further, as Africa’s biggest economy grapples with its first recession in a quarter of century, caused by low oil prices.
more recommended stories
Nigeria’s Manufacturing PMI Sustains Faster Growth Rate in May
By Dipo Olowookere The Central Bank.
NSE Bars Stockbrokers, Others from Capital Market for Fraud
By Dipo Olowookere No fewer than.
N8.7bn Financial Stocks Exchanged Hands in One Week
By Dipo Olowookere A total turnover.
MTN Nigeria Suffers First Loss at Stock Market
By Dipo Olowookere For the first.
Stockbrokers Institute Offers 31 Financial Journalists Scholarship
A total of 31 financial journalists.
ABCON Urges Members to Shun Gmail, Yahoo
Over 4,500 Licenced Bureau de Change.
How to Achieve Total Agric Transformation in Nigeria–Obasanjo
By Dipo Olowookere Former President Olusegun.
Naira Devalues by 0.03% at Interbank Despite Supply of $210m
By Dipo Olowookere The Nigerian Naira.