‘There are adequate budgetary provisions to meet debt obligations’

The Debt Management Office (DMO) said Nigeria has made adequate budgetary provisions to meet debt obligations.The DMO spoke in a statement yesterday referencing the issuance of $2.2 billion Eurobonds. The DMO said Nigeria has consistently serviced its external and domestic debts promptly, leading to increased investor interest in federal government bonds.The office said the efforts reflect the country’s strict adherence to best practices in debt management.

According to the DMO, the country’s ability to meet its debt obligations is supported by effective planning and allocation through the medium-term expenditure framework (MTEF) and annual budgets.The DMO also assured that Nigeria’s debt management is carried out in accordance with relevant legislations and regulations, aligning with international practices.On December 2, the DMO announced that Nigeria raised $2.2 billion in the international capital market through its latest eurobond auction, marking the federal government’s return to the market after two years.“Nigeria attracted a wide range of investors from multiple jurisdictions including the UK, North America, Europe, Asia, Middle East and participation from Nigerian investors,” the statement reads.“It is an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.”