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DMO may raise N300b to support budget, infrastructure

Published by The Nation on Fri, 05 Sep 2014

The Debt Management Office (DMO) is expected to raise over N300 billion this quarter to support 2014 budget and infrastructure development, analysts have said.Currencies Analyst at Ecobank Nigeria, Olakunle Ezun, said the debt agency will raise the funds through reopening of three-year, 10-year and a new issue of 20-year tenor.He explained in an emailed note that the debt agency this month alone, raised N100 billion through three offerings (all re-openings) of 13.05 per cent Federal Government of Nigeria (FGN) August 2016 bond; 14.20 per cent FGN March 2024 and 12.14 per cent FGN July 2034 bond. The stop rates, he said, were 11.123 per cent, 12.22 per cent and 12.389 per cent respectively.In third quarter, the DMO plans to raise over N300 billion ($2 billion) through re-openings of 3-year, 10-year and a new issue of 20-year tenor to support budget and infrastructure needs, he said.On the naira, Ezun said the currencys short term outlook seems balanced and steady, but on the long term, the risk to the outlook is both on the upside and downside. The upside risks are driven by the weakening global commodities prices and gloomy global economic outlook. The likely fiscal expansion prior to 2015 elections and reasonably strong liquidity growth continued to drive the downside risks to the naira outlook, he said.He explained that while the CBN Governor, Godwin Emefieles forward guidance to steer economy to a low interest rate environment showed a clear departure from that of his predecessor era, his recent statement to sustain monetary policy stance until after the February 2015 elections supports naira above upper end of interbank plus or minus three per cent of N160 to dollar.Nonetheless, there is high expectation that the rebased national accounts, in addition to a stable foreign exchange reserve and CBNs tight monetary stance, would help support naira, he said.The DMO said Nigerian companies have in recent months, issued nine bonds worth $30.4 billion in the International Capital Market.The Director-General of DMO, Dr. Abraham Nwankwo said the Nigerian companies took advantage of the window opened through the successful issuance of Nigerian Sovereign Eurobonds to successfully issue the international bonds.Nwankwo said the funds will be instrumental in helping Nigeria meet its infrastructural needs especially power. He noted that for the first time in Nigerias economic history, the private sector has been enabled to access long-term funds from both the domestic and international capital markets. The successful issuances of three Nigerian Sovereign Eurobonds in the International Capital Marketone in 2011 and two in 2013have opened the window for Nigerias private sector to raise required foreign currency funds.The DMO chief said: They are now able to fund long-term real sector projects in agriculture, manufacturing, housing, mineral exploration and processing, infrastructure, for diversified and sustainable economic growth, towards employment generation and poverty reduction.]]>
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