BREAKING: Federal Government Led By President Tinubu Set To Borrow N2.5 trillion Through Bonds

BREAKING: Federal Government Led By President Tinubu Set To Borrow N2.5 trillion Through Bonds....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

The Federal Government is set to borrow N2.5 trillion through bonds, according to the Debt Management Office (DMO). READ FULL ARTICLE HERE

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In its second FGN bonds auction of the year, the government aims to raise this significant sum. The offerings include N1.25 trillion with a maturity date of February 2031 and another N1.25 trillion with a 10-year tenor.

These FGN savings bonds are integral to the Federal Government’s domestic borrowing plan.

Last year, the government garnered approximately N7.06 trillion from the fixed income market. This year, it anticipates new borrowings to reach N7.83 trillion.

President Bola Tinubu previously sought approval from the National Assembly for about $8.69 billion and €100 million as part of the external borrowing plan for 2022 to 2024.

The latest FG bonds have a face value of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on FGN bonds are typically made semi-annually.

In January, the FG offered a two-year FGN Savings bond due January 17, 2026, at 11.033 per cent per annum, and a three-year FGN Savings Bond due January 17, 2027, at 12.033 per cent per annum.

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