Business & Economy - News - January 28, 2021

Nigeria redeems $500million 2021 Eurobond

The Debt Management Office (DMO) said Nigeria would redeem its 6.75% $500million JAN Eurobond which matured on Thursday, January 28, 2021.

Consequently, the debt management agency said the federal government has already made available the funds to the fiscal agent to repay the principal and final Interest payment due.

The DMO said the commitment to repay the matured bond was a demonstration in practical terms of Nigeria’s continued commitment to honour all its debt service obligations as and when due.

The 6.75% $50million JAN 2021 Eurobond was issued in January 2011 as Nigeria’s first foray into the International Capital Market (ICM).

The issuance of the Eurobond was to enable the country to diversify its sources of funding of the year’s federal budget.

At the end of the Eurobond issue, the government was able to successfully raise a total of $10.668billion from the ICM.

About $11.168billion was available to finance the implementation of the Federal Budgets, apart from contributions to Nigeria’s External Reserves.

The DMO said a number of private sector operators, namely Nigerian commercial banks, have raised US Dollar funds from the ICM following Nigeria’s debut Eurobond in January 2011.

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