DMO says no approvals yet to issue Eurobonds

The Debt Management Office (DMO) has clarified that it does not have any approval yet to issue fresh Eurobonds as recent reports suggest.

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

It was reacting to reports titled, “Wale Edun’s Chapel Hill lands lucrative contract to secure $1 billion Eurobond for Tinubu’s government”

In a statement Friday night, the DMO clarified “that recent news reports suggesting the appointment of Transaction Advisers for a potential Eurobond issuance are inaccurate.”

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It added 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, Etc.) Act, 2003.”

“Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance,” it further stated.

The debt office urged the public to rely on official statements from it for accurate updates on Nigeria’s debt management activities.

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.