CITYNEWS NIGERIA reports that the Debt Management Office (DMO), on behalf of the Federal Government of Nigeria has announced the offering of N100 billion Ijarah Sukuk bonds for subscriptions.
According to a press statement released via the DMO website and seen by CityNews Nigeria , the bonds are offered at 15.64% per annum and will be due in 2032.
The statement added that the bonds are offered at N1,000 per unit. Subscription to the ten-year-tenured bonds started today and will close on November 29, 2022.
Backed by the FG: The statement by the DMO added that the full faith and credit of the Federal Government is backing the Ijarah Sukuk bond. Part of the statement said:
What you should know: The Ijarah Sukuk, like the FGN bonds and FGN savings bonds, constitutes part of the domestic component of government borrowings. Since it was introduced in 2017, it has provided N612,557 billion for the Federal Government, which has helped in funding 71 roads and six bridges measuring 1,881 kilometres across the country.
The bonds are issued by FGN Roads Sukuk Company PLC through Greenwich Merchant Bank Limited, Stanbic IBTC Capital Limited, and Vetiva Capital Management Limited. DMO added that proceeds would be invested solely in constructing and rehabilitating certain strategic roads across the country.
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