Federal Govt Redeems $500m Eurobond Debt

Federal government has reaffirmed its commitment to meeting its debt service obligations as it redeems a $500 million Eurobond on its due date on July 12, 2023.

The Eurobond was issued in July 2013 (as part of a dual-tranche $1 billion Eurobond) for a tenor of 10 years at a coupon of 6.375 percent per annum.

Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 million diaspora bond in June 2022.

“These, together with the $500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to $1.8 billion,” the Debt Management Office (DMO) said in a statement yesterday.

Nigeria’s successful redemption of its Eurobonds and diaspora bond in the ICM over the past six years is a demonstration of its strong debt management operations and planning, the debt office said.