DMO to service foreign loans with US$483.4m: The Debt Management Office (DMO) is planning to use US$483.4m to service the country’s foreign loans over a 10-year period and make repayments starting from next year as the country’s dollar debts begin to mature.
According to the DMO annual report, the agency projects debt service repayments to amount to a total of US$4.5bn to be made in 2018, 2021 and 2023.
The federal government issued a debut Eurobond in 2011 with a follow-up tranche in 2013. Between February and March, the country issued US$1.5bn due in 2032.
The DMO report said Nigeria’s debut US$500m bond will mature in 2021, while a US$1bn will be due next year.