FG Repays $500m Borrowed Through Eurobond

The Debt Management Office has announced that Nigeria’s 6.75 per cent $500m January 2021 Eurobond which matures on January 28, 2021 is being repaid.

For this purpose, funds have been made available by the Federal Government to the Ministry of Finance to repay the principal sum of $500m and final interest payment due on the Eurobond.

The DMO confirmed the development on Thursday in a statement posted on its website.

By this development, it stated that Nigeria continues to demonstrate in practical terms, its commitment towards honouring all its debt service obligations as and when due.

The 6.75 per cent $500m Eurobond which was issued in January 2011 was Nigeria’s first foray into the International Capital Market.

The issuance of the Eurobond enabled Nigeria to diversify its sources of funding as it successfully raised a total of $10.66bn from the ICM thereafter, making a total of $11.16bn to finance the implementation of the Federal Budgets.

This is in addition to contributing to Nigeria’s External Reserves. The DMO stated that a number of private sector operators, notably Nigerian Banks, have raised dollar funds from the ICM following Nigeria’s debut Eurobond in January 2011.