New Telegraph

DMO: Nigeria redeems $300m Diaspora bond

The Federal Government has redeemed its $300 million Diaspora bond, which matured on June 27, the Debt Management Office (DMO) has said. In a statement posted on its website yesterday, the DMO said the redemption of the bond is a sign of the government’s commitment to promptly honour its debt obligations.

The statement said that the five-year Diaspora bond was issued in the international capital market on June 27, 2017, and that the proceeds of the transaction were used to partly finance the deficit in the 2017 Appropriation Act. It further stated that in addition to the objective of raising funds for the government, the bond was an initiative: “To avail the Nigerian Diaspora the opportunity to invest in their home country.” According to the statement: “ With the redemption of the $500 million Eurobond bond in January 2021, and recently the $300m Diaspora bond, the FGN has increased investors’ confidence in its commitment and ability to fulfill its debt obligations at maturity thereby reinforcing its presence in the international capital market.”

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