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Nigerian govt reveals borrowing schedule for Q1, 2022

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Nigerian govt commences auction of savings bond

The Nigerian government has announced the schedule for its domestic borrowing plans for the first three months of 2022 from citizens.

The Debt Management Office (DMO) of Nigeria released the calendar on its website on Friday.

The borrowing which comes as a form of bond, DMO said, is fully backed by all assets of the country.

According to the press release, the issuance for the quarter under review will be held on 19th January, 16th February, and 23rd March 2022 respectively.

The breakdown of the calendar shows that the agency will be issuing a new FGN bond (FGN Jan 2042) with a maturity tenor of 20 years.

12.5% FGB Bond 2026 and a new issue of a 20-year FGB Jan 2042 bond will be issued on the 19th of January 2022.

Similarly, in the next month, the 12.5% FGN Jan 2026 will be issued on 16th February 2022, alongside the FGN Jan 2042 20-year bond.

Read also: Why Nigeria will not stop borrowing from China, others – Buhari

Also, on 23rd March 2022, the 12.5% FGN Jan 2026 bond will be reopened together with the FGN Jan 2042 20-year bond.

When you buy FGN Bonds, you are lending to the FGN for a specified period of time.

According to the DMO, the bonds have no default risk, meaning that it is absolutely certain your interest and principal will be paid as and when due.

The interest income earned from the securities are tax exempt.

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