DMO yet to receive approval for eurobond issuance

THE Debt Management Office (DMO) has clarified that it is yet to receive the requisite approvals from the Federal Executive Council (FEC) and resolution of the National Assembly for any Eurobond issuance.

The debt office also refuted claims that the Federal Government has appointed transaction advisers to handle the issuance process.

Reacting to reports titled, ‘Wale Edun’s Chapel Hill lands lucrative contract to secure $1 billion Eurobond for Tinubu’s government,’ a statement from the debt office said, “That recent news reports suggesting the appointment of transaction advisers for a potential Eurobond issuance are inaccurate.”

It noted that the appointment of transaction advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC).

“Also, the issuance of Eurobonds by the Federal Government of Nigeria in the international capital market is subject to the approval of the FEC and receipt of the resolution of the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment) Act, 2003.

“Currently, the DMO has not received the requisite approvals from the FEC and resolution of the NASS for any Eurobond issuance.”

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