Connect with us

News

DMO to Redeem N198bn

Published

on

By Chioma Isaac with agency reports

As the year 2017 gradually winds down, the Debt Management Office, DMO has said that it will repay the N198.03 billion Nigerian Treasury Bills fully at maturity this month.

According to details provided by the DMO in a statement, N131.415 billion and N66.617 billion of NTBs will mature on Dec. 14 and Dec. 21 respectively.

“Before now, the practice was to rollover NTBs at maturity. It will be recalled that the Federal Government had announced plans to refinance some maturing domestic debt with external borrowing,’’ DMO said.

The statement further explained that the refinancing plan strategy was part of government’s overall debt management strategy of reducing Debt Service Costs.

“Other objectives of this strategy are to free up space in the domestic market for other borrowers and achieve a sustainable debt portfolio mix of 60 per cent domestic and 40 per cent external”, it added.

In addition, the redemption over time will help reduce the refinancing risk associated with short-term borrowings through NTBs with tenors of 91, 182 and 365 days.

As at Sept. 30, NTBs accounted for 30.23 per cent of the FGN’s domestic debt of N12.5 trillion compared to the DMO’s target of a maximum of 25 per cent.

The DMO further stated that the NTBs would be redeemed primarily using proceeds of the USD500 million, raised through a Eurobond Issuance by Nigeria in November 2017.

“Nigeria had issued a dual-tranche 3 billion dollars Eurobond in November 2017 out of which 2.5 billion dollars is to part-finance the deficit in 2017 Appropriation Act.

“The balance of 500 million dollars is for the refinancing of domestic debt.’’

By redeeming the N198.032 billion NTBs, the Federal Government has been implementing its debt management strategy.

The DMO says it expects operators in the market to take advantage of this opportunity to develop other segments of the debt capital market such as corporate bonds.

It added that the strategy of enabling the private sector to access funds and at a lower cost, than was hitherto possible was consistent with the government’s policy of a private-sector led growth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Defence/Security

Banditry: Rep member condemns attack on Kwara community

Published

on

Stephen Olufemi Oni, Ilorin

The Member representing Ekiti/Isin/Irepodun/Oke-Ero Federal Constituency in the National Assembly, Hon. Raheem Tunji Olawuyi Ajuloopin, has strongly condemned the recent attack in Idofin Odo-Ashe, Oke-Ero Local Government Area of Kwara State, describing it as a cowardly act that seeks to disrupt the peace and stability of the community.

Hon. Ajuloopin, in a statement personally signed by him, expressed deep concern over the unfortunate incident and sympathised with the victims, their families, and the entire community affected by the dastardly attack, emphasising that acts of violence have no place in a civilised society, and therefore urged security agencies to intensify efforts in bringing the perpetrators to justice.

While commending the swift response of both the federal and Kwara State governments, as well as the security agencies and local vigilante groups, the lawmaker reiterated that the fight against insecurity requires collective responsibility, calling on traditional rulers, community leaders, and residents to remain vigilant and cooperate fully with security operatives by providing timely and credible information.

“Security is everyone’s business. We cannot afford to leave the safety of our communities solely to government agencies. Every citizen must be actively involved in safeguarding our environment and ensuring that peace prevails,” Hon. Ajuloopin admonished.

He reaffirmed his commitment to continued collaboration with relevant authorities to ensure that lasting peace in all parts of Kwara South and beyond.

Hon. Ajuloopin also appealed for calm, assuring that both the federal and state governments are working tirelessly to address the root causes of insecurity and prevent future occurrences.

End

Continue Reading

News

Governor Namadi Attends High profile Ministerial Meeting On Self-Sufficiency In Cairo

Published

on

From Hassan Taiye

Governor Umar Namadi is currently in Cairo,Arab Republic of Egypt, attending the Third High-Level Ministerial Meeting on Rice Self-Sufficiency, holding from October 7th to 9th, 2025, in Cairo and Sakha.

The meeting, themed “Towards Rice-Based Agri-Food Systems Transformation and Delivering on Rice Self-Sufficiency through Peer-to-Peer Learning: The Case of the Arab Republic of Egypt,” is jointly organized by the Egyptian Ministry of Agriculture and Land Reclamation, AfricaRice, the Arab Organization for Agricultural Development (AOAD), and other key continental partners.

This high-level gathering brings together African Ministers of Agriculture, State Governors, and agricultural leaders to share practical experiences on achieving rice self-sufficiency and agricultural transformation.

The event will showcase Egypt’s remarkable progress in achieving rice self-sufficiency despite its limited water and land resources, offering valuable lessons adaptable to other African contexts.
Namadi is participating alongside top policymakers, agricultural experts, and private sector players from across Africa to discuss innovations, policy reforms, and strategic investments aimed at strengthening food security and transforming the agricultural sector on the continent.

Over the three-day programme, delegates will engage in high-level ministerial sessions, technical discussions, and a field visit to Egypt’s renowned Rice Research and Training Centre (RRTC) in Sakha.

During the visit, participants will interact directly with Egyptian scientists and farmers to learn about the country’s advancements in high-yield rice varieties, efficient irrigation systems, and modern post-harvest technologies.

Jigawa State’s participation in this important forum underscores the state’s commitment to agricultural transformation, food self-sufficiency, and consolidating Jigawa’s position as one of Nigeria’s leading hubs for rice production and agribusiness development.

The meeting is expected to conclude with a Ministerial Declaration setting a continental roadmap for achieving rice self-sufficiency through collaborative research, policy coordination, and targeted investment across the rice value chain.

Governor Namadi is accompanied by senior officials from the Jigawa State Ministry of Agriculture and related agencies.

Continue Reading

News

There’s Political Genocide Against Christians in Northern Nigeria – Aisha Yesufu

Published

on

By: Fabian Apechihin

Sociopolitical activist Aisha Yesufu has accused Nigerian political leaders of perpetuating what she described as a “political genocide” against Christians in Northern Nigeria.

Yesufu made the remark on Tuesday in response to American comedian and TV host Bill Maher, who recently alleged that Nigerian Christians are facing coordinated attacks.

Maher, speaking on his HBO show, said, “I’m not a Christian, but they are systematically killing Christians in Nigeria. They’ve killed over 100,000 since 2009 and burned 18,000 churches. These are the Islamists, Boko Haram.”

Reacting via her X handle, Yesufu criticized what she called hypocrisy among Nigerian politicians who express concern over Christian persecution yet supported the Muslim-Muslim presidential ticket during the 2023 elections.

“You are shouting that Northern Christians are being persecuted, but you championed a Muslim-Muslim ticket! Their Christianity was not Christian enough for you during the 2023 election,” she wrote.

She concluded by calling for greater attention to what she termed the “political genocide” against Northern Christians, urging consistency in both words and actions when addressing religious and political marginalization in Nigeria.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.