National Wire About Nigerians, Nigerian Business and Other Stories
The Debt Management Office (DMO) said the National Assembly approved the Diaspora Bond, which was used to borrow $300 million from Nigerians in the diaspora. In a statement made available to on Sunday, the DMO said the $300 million Diaspora Bond was approved by the National Assembly via its resolution dated April 28, 2016.
The issuance of the $300 million was done on June 26, 2017 and the proceeds were used to finance part of the deficit in the 2017 Appropriation Act. According to the DMO, the $300 million Diaspora Bond was not part of the $5.5 billion approved by the National Assembly on November 14, 2017.
The DMO said, “Out of the $5.5 billion approved by the National Assembly on November 14, 2017, $3 billion Eurobonds was issued on November 28, 2017, leaving a balance of $2.5 billion to be issued.” It further explained that $2.5 billion out of the $3 billion Eurobonds issued in November 28, 2017 was used to fund 2017 budget deficit, while the balance of $500 million was used to redeem matured Nigerian Treasury Bills in December 2017.
Photo Caption: DMO LOGO
