FG Fully Redeems N100bn Sukuk, Demonstrating Commitment to Responsible Debt Management

FG Fully Redeems N100bn Sukuk, Demonstrating Commitment to Responsible Debt Management

The Federal Government of Nigeria has successfully redeemed its inaugural N100 billion Sovereign Sukuk, which was issued in 2017.

The announcement was made during an Investor Meeting organized by the Debt Management Office (DMO) in Abuja on Monday, where the new N300 billion Series VII Sukuk was also launched.

Under the Sukuk structure, the Central Bank of Nigeria served as the Paying Agent, distributing periodic rental returns to investors. Upon maturity, the government repurchased the road infrastructure assets tied to the Sukuk and made lump sum principal payments to investors, thereby completing the transaction cycle.

Speaking at the event, DMO Director General, Ms. Patience Oniha, emphasized improvements in Nigeria's macroeconomic indicators, including a credit outlook upgrade by Fitch Ratings.