FG seeks N180 billion from bond market in October

Oct. 15, 2024 - Nairametrics

The Federal Government of Nigeria, through the Debt Management Office (DMO), is seeking to raise N180 billion from the bond market in October 2024. The first bond is the N90 billion 19.

30% FGN APR 2029 (5-year reopening), while the second is the N90 billion 18.50% FGN FEB 2031 (7-year reopening).

Also, they qualify as securities in which trustees can invest under the Trustee Investment Act and are exempt from taxes for pension funds, among other investors, under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA). All FGN Bonds also qualify as liquid assets for banks when calculating liquidity ratios, making them an attractive option for financial institutions.

Also, in the September bond auction, the marginal rates across all bond tenors were lower compared to the previous month’s rates...