The Debt Management Office (DMO) has stated that the federal government has redeemed $500m Eurobond owed since 2013.

The DMO in a statement yesterday said the payment was part of a dual-tranche $1bn Eurobond for a tenor of ten 10 years at a coupon of 6.375 per cent per annum.

The statement stated that the government had previously redeemed $500m Eurobond in July 2018.

“The Eurobond was issued in July 2013 for a tenor of ten 10 years at a coupon of 6.375 per cent per annum. Nigeria had previously redeemed a $500m Eurobond in July 2018, another USD500 million Eurobond in January 2021, USD500 million Eurobond in January 2021 and a $300m Diaspora Bond in June 2022.”

“These, together with the $500m Eurobond redeemed, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to $1.8 billion. 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.”