Business

DMO offers N250bn Sukuk for subscription

The Debt Management Office (DMO) has offered for subscription N250 billion road Sukuk instrument for N1,000 per unit.

The instrument was issued by “FGN Roads Sukuk Companies 1 Plc.” on behalf of the Federal Government.

The offer is N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

“It qualifies as securities in which trustees can invest under the Trustee Investment Act.

“It also qualifies as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors,” the DMO explained in a statement on its website.

It added that the Sukuk instrument is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.

“Classified as Liquid Asset by the Central Bank of Nigeria, and certified by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria.

“It is backed by the full faith and credit of the Federal Government of Nigeria.”

The DMO explained that proceeds would be used solely for the construction and rehabilitation of key road projects across the six geopolitical zones of the country.

It announced the due date as December 2031, and Rental Rate 12.80 per cent per annum.

Meanwhile, the DMO has announced that Nigeria’s Total Public Debt as at Sept. 30, is N38 trillion (92.62 billion dollars).

The office stated that the data included the Total External and Domestic Debts of the Federal Government of Nigeria, 36 State Governments and the Federal Capital Territory.

It explained that the increase of N2.54 trillion when compared to the corresponding figure of N35.4 trillion at the end of the second quarter of 2021 was accounted for by the 4 billion dollars Eurobonds issued by the Government in September.

Editor

Recent Posts

NEC gives Abuja, Kwara, others one-week ultimatum to submit positions on state police

The National Economic Council (NEC) has directed Kwara, Adamawa, and Kebbi States and the Federal…

2 hours ago

Gunmen kill lawyer in Benue

Gunmen have killed a lawyer, Mike Ofikwu, at Otukpo in the Otukpo Local Government Area…

3 hours ago

Atiku: Tinubu’s loans bone-crushing to Nigerians

Former Vice President Atiku Abubakar has condemned the request for loans by President Bola Tinubu,…

5 hours ago

2027: ACF suspends chairman over remarks to back northern candidates

Arewa Consultative Forum has suspended its chairman, Mamman Osuman, over his comments that the ACF…

5 hours ago

Oil theft: Otuaro pledges PAP’s support for military

The Administrator of the Presidential Amnesty Programme, Dr Dennis Otuaro, has assured the Defence Headquarters…

6 hours ago

Tinubu to IMF: We’ll provide safety nets for Nigerians to cushion reform’s effects

President Bola Tinubu has assured that his administration will continue prioritising the welfare of the…

6 hours ago

This website uses cookies.