Breaking: Tinubu Repays Eurobond $500m Borrowed In 2013 By Jonathan’s Govt


Nigeria, Africa’s largest economy, has fulfilled its debt service obligations by redeeming a $500 million Eurobond on its scheduled due date of July 12, 2023.

This redemption marks another milestone in Nigeria’s successful debt management operations and planning.

Akelicious first reported that the $500 million Eurobond which was due for repayment this month in line with the terms.

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The bond was obtained 5 years ago at a coupon rate of 6.375% per annum. Eurobond debts are typically paid out of the country’s external reserves or via a special fund designated for external bond repayments.

According to the DMO,  the latest redemption now means Nigeria has now repaid a total of $1.8 billion in securities in the International Capital Market (ICM) over the past six years.

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As earlier reported by Nairametrics, this is not the first time Nigeria is repaying Eurobonds.  In July 2018, the country redeemed a $500 million Eurobond, followed by another $500 million Eurobond in January 2021.

Additionally, Nigeria successfully redeemed a $300 million Diaspora Bond in June 2022.

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