The Debt Management Office, DMO, said it had raised ₦90 billion towards the implementation of the 2018 budget.
A statement issued by the office in Abuja said it conducted the fourth monthly FGN Bond auctions for the year on Wednesday to raise funds for the implementation of the budget.
The DMO offered ₦30 billion for the five-year tenor bond at 12.75 percent, but ₦38.29 billion was eventually allotted.
A total of ₦90 billion was realized from the auction consisting of ₦12.75 billion in seven-year bond at 13.53 percent and ₦38.96 billion 10-year bond at 13.98 percent.
Also, successful bids for the 12.75 percent April 2023, 13.53 percent for March 2025 and 13.98 percent for February 2028 were allotted at 12.75 percent, 12.85 percent, and 12.89 percent, respectively.
Interest rates at the auction continued to trend downwards, as was the case at the March 2018 auction, and the rates for all the bonds offered at the April auction were below 13 percent.
The Nigerian Government issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
The DMO was established on 4th October 2000 to centrally coordinate the management of Nigeria’s debt.
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