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Bond Auction: FG Raises N724.9bn in February

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The Federal Government of Nigeria raised the sum of N724.9 billion through the instrument of bond auction in February 2023.

The Debt Management Office (DMO) volunteered this information on its website.

According to the DMO, the figure represents an upsurge of 100 percent in comparison with the same period of last year.

It clarified that the auction, held on February 13, 2023, and witnessed a total of 577 bids worth N724.9 billion, culminating in a total amount offered of N360 billion.

The statement revealed that the total amount allotted was N771.56 billion, with successful bids allotted at marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%.

The original coupon rates for each bond will be maintained, with successful bids for the 13.98% FGN FEB 2028 (10-Year Bond), 12.50% FGN APR 2032 (10-Year Bond), 16.2499% FGN APR 2037 (20-Year Bond), and 14.80% FGN APR 2049 (30-Year Bond) being allotted at the marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%, respectively.

The settlement date for the auction was February 15, 2023, with maturity dates set for February 23, 2028, April 27, 2032, April 18, 2037, and April 26, 2049, respectively.

The DMO explained on its website that the auction was part of its efforts to raise funds for the implementation of the Federal Government’s 2023 budget and to finance critical infrastructure projects across the country.

It stated, “The DMO has been actively promoting the issuance of FGN bonds as a means of diversifying the country’s funding sources and reducing its dependence on short-term borrowing.

“The FGN bond market has grown significantly in recent years, with a wide range of maturities and attractive yields for investors.

“Overall, the results of the February 2023 FGN bond auction highlight the continued strong demand for FGN bonds and the government’s commitment to meeting its funding needs through the capital markets.”

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National Assembly In Top Gear For Tinubu’s 2025 Budget Presentation

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The National Assembly management team, led by Clerk Sani Magaji Tambawal, has ramped up efforts to ensure a seamless presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu.

The event, scheduled for a joint session of the Senate and House of Representatives, is regarded as a significant moment in Nigeria’s legislative calendar.

Preparations include a thorough inspection of the assembly chambers to ensure all facilities are fully functional.

READ MORE: PDP Governors Probe Ondo Polls, Criticizes Edo Result

Deputy Clerk Kamoru Ogunlana, who is overseeing the technical arrangements, confirmed that key systems, including microphones, sound equipment, and other audio-visual tools, have been tested to ensure smooth communication during the session.

“We are working tirelessly to ensure that the National Assembly is fully prepared to receive Mr. President and provide a conducive environment for this significant moment in our democratic process,” Ogunlana stated.

Seating arrangements are also being finalized to accommodate lawmakers, government officials, and other dignitaries expected at the session.

Security measures are being reviewed in collaboration with relevant agencies to ensure the safety of all attendees. Meanwhile, press accreditation is being managed to facilitate effective media coverage.

The 2025 budget presentation is expected to highlight the government’s economic priorities while reinforcing the partnership between the executive and legislative arms of government.

As the session approaches, the National Assembly has expressed its commitment to upholding Nigeria’s democratic values and providing a platform for transparent governance.

 

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Edo: Gov Okpebholo Launches Probe Into Obaseki Administration

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Edo State Governor, Monday Okpebholo, has announced the establishment of a 14-member Assets Verification Committee to examine the financial records and asset management of the previous administration led by Godwin Obaseki.

In a statement released on Sunday by his Chief Press Secretary, Fred Itua, the governor revealed that the committee would be inaugurated on Tuesday, November 26, in Benin City.

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The panel is tasked with creating a detailed account of the state’s assets and liabilities to ensure transparency and accountability.

The committee will be chaired by Ernest Umakhihe, with Anslem Ojezua as Deputy Chairman and Frank Edebor as Secretary. Other members include Kassim Afegbua, Patrick Ikhariale, Taiwo Akerele, Patrick Idiake, Rasaq Bello-Osagie, Fredrick Unopah, Abdallah Eugenia, Patrick Obahiagbon, Kenny Okojie, Lyndsey Tes-Sorae, and Abass Braimoh.

Explaining the rationale behind the committee, Mr. Itua stated, “Despite repeated calls for a more holistic database of the assets and liabilities of the previous administration, the Godwin Obaseki-led government presented a scanty and limited report.”

He added that the initiative reflects the governor’s commitment to his campaign promises.

“In line with the governor’s campaign promise to ensure probity, accountability, and transparency in government, and to deepen the governance process, a committee made up of respected sons and daughters from Edo State has to be constituted,” the statement noted.

The committee’s work is expected to pave the way for a more accountable and developmental governance structure in Edo State.

 

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NECO Expands Global Footprints, Accredits Niger, Equatorial Guinea Schools

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In a bid to increase its global presence, the National Examination Council (NECO) has accredited more foreign schools.

This was contained in a statement issued under the signature of its Acting Director of Public Relations, Azeez Sanni, on Saturday.

He revealed that the accredited schools are in Niger Republic and Equatorial Guinea.

Recall that last year, the examination body accredited some centres in Niger Republic to enable Nigerian students in the Francophone country to sit for the examinations.

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The statement read, “Determined to broaden its horizon and expand its global presence, the National Examinations Council has accredited more foreign schools to write the Senior School Certificate Examination and the Basic Education Certificate Examination.

“The newly accredited schools, in addition to the existing ones, are in Niger Republic and Equatorial Guinea.

“NECO accreditation team visited the Schools to assess their readiness to write the SSCE and BECE.

“The accreditation 5eam inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sports facilities to determine their adequacy and suitability for NECO examinations.

“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status.”

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