The Federal Government has successfully raised $2.2 billion through a dual-tranche Eurobond issuance, underscoring renewed investor confidence in the country’s economic reforms. The bonds, maturing in 2031 and 2034, attracted peak orderbook subscriptions exceeding $9.0 billion, signaling robust global interest despite challenging market conditions.

The 6.5-year bond secured $700 million at a coupon rate of 9.625%, while the 10-year bond raised $1.5 billion at a coupon rate of 10.375%.
Investors from Europe, North America, Asia, the Middle East, and Nigeria participated, with demand coming from fund managers, pension funds, hedge funds, and banks.

“This successful issuance reflects the growing confidence in President Bola Tinubu’s administration and its commitment to stabilizing the Nigerian economy,” said Olawale Edun, Minister of Finance and Coordinating Minister of the Economy.

Central Bank Governor Olayemi Cardoso echoed this sentiment, emphasizing the country’s improved liquidity and continued access to international capital markets. Proceeds from the issuance will be used to finance Nigeria’s 2024 fiscal deficit and other budgetary priorities.

Nigeria’s Debt Management Office (DMO) Director-General Patience Oniha highlighted the strong investor appetite, noting that the bonds were priced competitively, reflecting confidence in Nigeria’s credit resilience.
The bonds will trade on the London Stock Exchange, FMDQ Securities Exchange, and Nigerian Exchange.

This successful Eurobond issuance marks a milestone in Nigeria’s efforts to diversify its funding sources and drive sustainable economic growth.

In a decisive move to showcase Nigeria’s economic potential, the Federal Government has reaffirmed the nation’s position as Africa’s leading investment hub during the France-Nigeria Business Forum held in Paris.

This strategic declaration is to position Nigeria at the forefront of Africa’s investment landscape, leveraging its vast opportunities and dynamic market.

Addressing an esteemed gathering of French and Nigerian business leaders, policymakers, and investors, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized Nigeria’s unique advantages.
Director of Information and Public Relations, Mohammed Manga in a statement quoted Edun to have highlighted the nation’s large population and abundant investment prospects as key drivers of its prominence in Africa.

The Minister identified priority sectors ripe for investment to include, Agriculture. Renewable Energy, Technology and Creative Industries

He also underscored government initiatives designed to attract investors, such as tax holidays, duty waivers, and the development of Special Economic Zones (SEZs).

Mr. Edun reaffirmed Nigeria’s commitment to enhancing regulatory frameworks to create a conducive environment for both foreign and local investments.

As Nigeria continued to demonstrate its readiness to attract global capital and forge strategic partnerships, the France-Nigeria Business Forum has served as a vital platform for deepening economic ties between the two nations.

With its abundant natural resources, expansive market, and entrepreneurial spirit, Nigeria is well-positioned to become Africa’s premier investment destination.

The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments for October 2024.
This was announced at FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein.
Director of Information and Public Relations, Mohammed Manga in a statement issued on Wednesday indicated that the disbursed amount was drawn from a gross total revenue of N2.668 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED, the Federal Government received N433.021b, the States received N490.696b, the Local Government Councils got N355.621b , while the Oil Producing States received N132.404b as Derivation, (13% of Mineral Revenue).

The sum of N97.517b was given for the cost of collection, while N1.159trn was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of October 2024, was N668.291b as against N583.676b distributed in the preceding month, resulting in an increase of N84.616b.

From that amount, the sum of N26.732b was allocated for the cost of collection and the sum of N19.247b given for Transfers, Intervention and Refunds. The remaining sum of N622.312b was distributed to the three tiers of government, of which the Federal Government got N93.347b, the States received N311.156b and Local Government Councils got N217.809b.

Accordingly, the Gross Statutory Revenue of N1.336trn received for the month was higher than the sum of N1.043trn received in the previous month by N293.009b. From the stated amount, the sum of N70.072b was allocated for the cost of collection and a total sum of N1.060trn for Transfers, Intervention and Refunds.

The remaining balance of  N206.319b was distributed as follows to the three tiers of government: Federal Government got the sum of N77.562b, States received N39.341b, the sum of N30.330b was allocated to LGCs and N59.086b was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N17.824b from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.567b , States got N8.555b, Local Government Councils received N5.989 Billion, while N0.713b was allocated for Cost of Collection.

The Communique also disclosed the sum of N646.000b from Exchange Difference, which was shared as follows: Federal Government received N259.545b, States got N131.644b, the sum of N101.493 Billion was allocated to Local Government Councils, N73.318b was given for Derivation (13% of Mineral Revenue), while the sum of N80.000b was allocated to Transfers, Interventions and Refunds.

Oil and Royalty, Excise Duty, Value Added Tax (VAT) Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while, Electronic Money Transfer Levy ( EMTL) and CET Levies decreased considerably.

According to the Communique, the total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 Billion, Value Added Tax (VAT) of N622.312b, N17.111b from Electronic Money Transfer Levy (EMTL), and N566.000b from Exchange Difference, bringing the total distributable amount for the month to N1.411trn