No approvals from FEC for borrowing through eurobond, says DMO
The Debt Management Office (DMO) says it has not secured approval of the Federal Executive Council for the appointment of advisers and eurobond issuance.
The Federal Government could raise as much as $1 billion in external borrowing in 2024 through this method to meet its spending needs.
On March 13, there were reports Nigeria had hired investment banks to seek advice on its first eurobond issue since 2022.
But the DMO in a statement on Friday said it had not appointed transaction advisers.
“The appointment of Transaction Advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC),” DMO said.
“Also, the Issuance of Eurobonds by the Federal Government of Nigeria in the International Capital Market is subject to the approval of the FEC and receipt of the Resolution of the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003.
“Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance.”
Naira trades at N1,415/$ on parallel market The Naira yesterday depreciated to N1,415 per dollar in…
Foreigners now visit Nigeria for plastic surgery, others - Minister Nigeria's healthcare is no longer…
Father of 12 found dead in Bayelsa brothel after sexual escapade In Bayelsa State, a middle-aged man…
CBN extends suspension of cash deposit charges by bank customers The Central Bank of Nigeria…
Man bags life imprisonment for raping 8-year-old girl in C'River One Aniedi Mfon has been sentenced to…
Fuel: Independent marketers introduce new pump price New reports indicate a surge in fuel pump prices…