Nigeria Repays Last Tranche Of $500m Eurobond Borrowed By Ex Pre. Goodluck Jonathan
Written by Broadstreet Admin on July 14, 2023
In a strong display of commitment, Nigeria has once again affirmed its dedication to fulfilling its debt service obligations. On Wednesday, the government successfully repaid a $500 million Eurobond that was borrowed in 2013 during the tenure of former President Goodluck Jonathan.
A press statement released by the Debt Management Office confirms that the Eurobond, which formed part of a dual-tranche USD 1 billion Eurobond, was issued in July 2013 with a maturity period of 10 years and a coupon rate of 6.375% per annum.
This recent redemption adds to Nigeria’s previous accomplishments in debt repayment. The country had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 million Diaspora Bond in June 2022.
“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.
“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the international market over the past six years is a demonstration of its strong debt management operations and planning,” the DMO said.