Nigeria’s Debt Stock To Increase By N720 Billion In 2nd Quarter – DMO

Nigeria’s debt stock is expected to increase by a total sum of N720 billion in the second quarter of the year 2022.

This revelation is contained in a statement issued by the Debt Management Office.

Naija News understands that the country’s total debt stock as of December 2021 was N39.55trillion.

The new document made available to newsmen on Tuesday, however, explained the schedule of local borrowings that will result in the seven hundred and twenty billion increase in debt stock.

As contained in the Federal Government bonds issuance calendar for the second quarter of 2022, a new 2032 FGN bond, valued at between N70billion to N80billion, with a tenor of 10 years would be opened on April 25.

The bond has an interest rate of 13 per cent per annum, Naija News understands.

Also on April 25, the DMO will re-open 2025, two-year, 11-month FGN bond valued, at between N70billlion to N80billion.

It has an interest rate of 13.53 per cent, with the original tenor of seven years.

The DMO will also re-open a 2042 FGN bond on the same date, valued at between N70billion to N80billion.

The document explained further that May 16 will witness the re-opening of 2025, two years, 10months FGN bond, valued at between N70billion to N80billion.

It has an interest rate of 13.53 per cent per annum, with the original tenor of seven years.

On the same date, it will offer a new, 2032 FGN bond valued at between N70billion to N80billion.

It has a tenor of nine years, 11 months, and an interest rate of 13 per cent.

Also on May 16, the DMO will re-open a 2042 FGN bond for subscription, valued at between N70billion to N80billion, with a tenor of 19 years, eight months.

On June 20, the DMO will re-open an April 2032 FGN bond, valued at between N70billion to N80billion, with 19 years, seven months tenor.

It would also re-open March 2025 FGN bond, valued at between N70billion to N80billion, with two years, nine months tenor.

Also, June 20 will witness the re-opening of a 2042 FGN bond, valued at between N70billion to N80billion.

This article was originally published on Nigeria News