DMO targets N1.8tn revenue in three months

The Debt Management Office (DMO) has unveiled plans to raise N1.8 trillion through new issuance and reopening of federal government bonds over the next three months, amidst the country’s burgeoning debt stock. Recall that Nigeria’s total public debt stock more than doubled to N97.3 trillion as of 2023 over the level in the previous year, showing an increase of 118 per cent year-on-year from N46.25 trillion as of December 2022 to N97.3 per cent in December 2023. This is as it has opened the offer for a subscription to the April Savings Bond. The debt office in the bond issuance calendar for the second quarter of 2024 said it plans to raise between N300 billion to N600 billion every month between April and June this year. According to the calendar, the DMO plans to open a new five-year bond this month through which it will raise between N100 to N200 billion. Also, it plans to reissue the 7-year 18.50 per cent FGN FEB 2031 paper and the 10-year 19.00 per cent FGN FEB 2034 paper during the three months. Meanwhile, it plans to raise more funds this week through the 2-year and 3-year savings bonds due April 2026 and April 2027. According to the offer document, the DMO is issuing the 2-year paper at 17.046 per cent per annum while the 3-year paper is being issued at 18.046 per cent per annum.