News
DMO Announces N720bn Borrowing Plan, Reviews Issuance Bond Calendar
The Debt Management Office (DMO) has reviewed its bonds issuance calendar for third quarter of 2022.
According to the revised calendar, the DMO is scheduled to raise about N720billion through some re-opened Federal Government of Nigeria (FGN) bonds.
On July 19, the office was scheduled to re-open a March 2025 FGN bond valued at between N70billion to N80billion, and at interest rate of 13.53per cent per annum.
It has a two years, eight months maturity period, with original tenor of seven years.
On the same date (July 19), the DMO re-opened an April 2032 FGN bond valued at between N70billion to N80billion at 12.50per cent interest rate per annum.
Term-to-Maturity is nine years, nine months, with original tenor of 10 years.
Also, on July 19, the DMO re-opened a January 2042 FGN bond valued at between N70billion to N80billion, at interest rate of 13per cent per annum, with maturity period of 19 years, six months.
It had an original tenor of 20 years.
On August 15, the DMO, again, re-opened the March 2025 FGN bond, valued at between N70billion to N80billion, and interest rate of 13.53per cent per annum.
It had a maturity period of two years, seven months.
On August 15, it also re-opened the 2032 FGN bond valued at between N70billion to N80billion at interest rate of 12.50per cent per annum.
Its Term-to-Maturity was now nine years, eight months.
On the same date, the DMO, again, re-opened the January 2032 FGN bond valued at between N70billion to N80billion, at interest rate of 13per cent per annum.
The maturity period was 19 years, five months.
On September 19, the DMO will, again, re-open the March 2025 FGN bond valued at between N70billion to N80billion, at the rate of 13.53per cent per annum.
The maturity period will now be two years, four months.
On the same date (September 19), the office will also re-open the April 2032 FGN bond valued at between N70billion to N80billion, at 12.50per cent interest rate per annum.
Its Term-to-Maturity will be nine years, seven months.
On September 19, the DMO will re-open a March 2037 FGN bond valued at between N70billion to N80billion, at interest rate of 16.24per cent per annum.
It has a Term-to-Maturity of 14 years, seven months, and original tenor of 20 years.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.
The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.
The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.
According to him, it has caused hardship among many households in the country and should be given the attention it deserves.
He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.
This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.
The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.
The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.
According to him, the NUJ’s main focus is blue economy and tourism.
He expressed the readiness of the Council to partner the agency in the area of information dissemination.
“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.
Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.
According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.
As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.
He pledged to partner with the NUJ now that the leadership has visited the Commission.
The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.
He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.
By: King Onunwor
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