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DMO raises N724.9bn in February bond auction

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The Debt Management Office has announced that it raised N724.9 billion in February 2023 Federal Government bond auction.

DBO said it was a 100% increase compared to the previous year.

The auction, which was held on February 13, 2023, saw a total of 577 bids worth N724.9 billion received for the total amount offered of N360 billion.

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, and the bonds will mature on February 23, 2028, April 27, 2032, April 18, 2037, and April 26, 2049, respectively.

According to a statement on the DMO’s website, it said 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.

“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.”

But, In recent years, Nigeria’s rising debt profile has been a topic of concern, with some experts warning that the country’s debt levels are unsustainable.

The DMO stated in January that Nigeria’s public debt could rise to N77 trillion if the country’s “ways and means” are securitised.

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Gov. Sule of Nasarawa State wins second term bid

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The Independent National Electoral Commission (INEC), have declared

The incumbent Governor of Nasarawa State, Engr Abdullahi Sule of the All Progressives Congress (APC) has been declared by the Independent National Electoral Commission (INEC) winner of last Saturday’ governorship election in the state.

Governor Sule, who was declared winner on Monday morning, defeated the People’s Democratic Party (PDP) candidate, David Umbugadu, by a margin of 64,193 to emerge winner.

While declaring the result, the INEC Collation Officer, Prof. Tanko Ishaya, said Sule scored 347,209 votes to defeat his closest rival David Umbugadu of People’s Democratic party (PDP), who polled a total of 283,016 votes.

Candidate of New Nigeria Peoples Party (NNPP) Abdullahi Maidoya came third with 11,726 votes, while that of Social Democratic Party, (SDP) Mohammed Alfa Nyas got 9003 votes.

According to INEC, Sule won seven out of the 13 Local Government Areas in the state.

The state Collation Officer, said the total number of registered voters were 1,899,244, while the number of accredited voters were 668,978

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Abia APGA rejects Governorship Poll results as Labour Party leads

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The results of the March 18 governorship poll in Abia state has been rejected by the All Progressives Grand Alliance. The Independent National Electoral Commission has so far announced results in 10 LGAs. In a statement signed on Monday by the APGA Chairman Abia State, Rev. Augustine Ehiemere, the party said it would not accept an election “marred by irregularities.” It, however, urged supporters to remain calm as they await the conclusion of the process. The statement read partly, “The results so far announced did not in any way reflect the will of the good people of Abia voters as demonstrated at the various polling units.“We are highly disappointed that the votes cast for our candidate, Professor Greg Ibe, were suppressed and not credited to him.“Regrettably too, there were brazen irregularities, including snatching of ballot papers, over-voting, unprecedented manipulation and violence against the opposition.“Most of the results were collated without recourse to BVAS machines, hence, they cannot be relied upon.“We appeal to our members to remain calm and watch things unfold. We firmly believe that light will triumph over darkness, and Abia emancipated from the chains of undemocratic forces.“The election was marred with irregularities in all parts of the state, and APGA cannot accept a highly flawed election.” Only ten local government results have so far been collated, and they include; Ukwa East, Umunneochi, Ukwa West, Bende, Isialangwa North, Isialangwa South, Arochukwu, Ugwunnagbo, Isuikwuato and Ikwuano. So far, the results announced puts the Labour Party in the lead with a margin of 13,132.

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BREAKING: INEC Declares PDP’s Mutfwang winner of Plateau Gov Election

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The Plateau State governorship candidate of the Peoples Democratic Party, Caleb Mutfwang, has been declared as the winner of Saturday’s governorship election by the Independent National Electoral Commission.The result declared by the INEC Presiding Officer, Musa Yusuf, after counting the votes scored by parties that participated in the election shows that Mutfwang had the highest votes beating the All Progressives Candidate, Nentawe Yilwatda.Recall that the PDP governorship candidate was reported to be taking an early lead as of 11 am when INEC resumed collations of results from the 17 local government areas of the state.Details later…

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