Business
DMO’s N50bn Green Bond Hugely Popular
The Debt Management Office (DMO) says Nigeria’s N50 billion green bond offer closed with an oversubscription of N91.42 billion.
In a statement on Thursday, Patience Oniha, the director-general of the DMO, said the issuance attracted strong investor interest, with a subscription rate of 183 percent.
Oniha said the “impressive” demand reflects investor confidence in Nigeria’s growing green bond market.
“The Issuance attracted strong investor interest, with total subscriptions reaching N91.42 billion, representing a subscription rate of 183%,” the DMO boss said.
“This impressive demand reflects investor confidence in Nigeria’s growing Green Bond Market and its commitment to sustainable finance and development, as well as climate action.
“Investors were allotted a total of 47.355 billion at a coupon of 18.95% per annum.”
Oniha said proceeds from the issuance will be used to finance projects in the 2024 Appropriation Act that support Nigeria’s nationally determined contributions (NDCs) under the Paris Agreement and its broader climate commitments, including the target to achieve net-zero emissions by 2060.
She said the strong investor interest in the green bond demonstrates growing confidence in Nigeria’s commitment to sustainable financing.
“Green bonds are becoming an increasingly important instrument for mobilising capital towards our climate objectives and sustainable development agenda,” she said.
The debt office said the green bond is another contribution of the DMO to deepening the domestic capital market, reiterating its commitment to the objective.
DMO said Chapel Hill Denham and Stanbic IBTC Capital Limited acted as financial advisers and book runners/issuing houses on the transaction.
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Liquefied Petroleum Gas (LPG) marketers have slashed depot prices, offering distributors lower wholesale rates and raising expectations that cooking gas refill costs could ease for Nigerian consumers in the weeks ahead.
Fresh market data showed that PPMC recorded the sharpest reduction, cutting its depot price to N1,010/kg, a 0.69%.
Rainoil Lagos followed with reduction, bringing its depot price down to N1,030/kg. NIPCO Lagos held its rate steady at N1,025/kg, data from petroluemprice.ng show.
The only marketer to move in the opposite direction was Matrix Warri, which is N1,100/kg.
The new cooking gas depot prices are:
PPMC: N1,010/kg
NIPCO Lagos: N1,025/kg
Rainoil Lagos: N1,030/kg
Matrix Warri: N1,100/k
Industry sources attributed the downward movement to greater competition among suppliers and improved product availability at the wholesale level.
Presidential candidate of the African Democratic Congress ADC, Atiku Abubakar, has demanded that the National Assembly (NASS) immediately conduct a comprehensive forensic review of the 2026 Appropriation Act, following revelations of over ₦210 billion in overlapping and duplicated allocations in the budget.
In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the revelation, coming alongside Nigeria’s poor showing on nearly 90 percent of globally recognised prosperity indicators, exposes the Tinubu administration as one of the most fiscally reckless governments in Nigeria’s democratic history.
“For more than three years, Nigerians have been subjected to relentless hardship. They were told that fuel subsidy removal, exchange rate unification, higher taxes and rising tariffs were bitter pills that would eventually restore economic stability. Yet today, the same government cannot explain how more than ₦210 billion found its way into duplicated and overlapping budget provisions,” he said.
He linked the finding to what he called a growing pattern of questionable budget practices, citing allocations for projects outside agencies’ statutory mandates and insertions running into billions of naira.
The former vice president also cited the Nigerian National Petroleum Corporation NNPC Limited’s audited 2024 financial statements, which he said showed ₦7.13 trillion spent on “Energy Security Expenses” — what NNPC itself identifies as petrol subsidy — despite claims that subsidy had been removed in 2023.
Atiku argued that this fiscal indiscipline is reflected in declining living standards, noting that families are skipping meals, small businesses are shutting down, and graduates cannot find jobs, even as government celebrates selective economic indicators.
He also urged the Auditor-General of the Federation, anti-corruption agencies and civil society organisations to independently scrutinise the budget, identify officials responsible for the duplicated allocations, and ensure all improperly appropriated funds are recovered.
Atiku pledged that an ADC administration would restore credibility to public finance through transparent budgeting, zero-based expenditure planning, digital public expenditure tracking and strict personal accountability for public officers.
“When the owner of the barn invites goats to keep watch over his harvest, he should not be surprised when hunger follows abundance. Nigeria deserves custodians of her commonwealth, not Bourdillon caretakers of waste,” he added.
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has explained how a retired factory worker’s monthly pension increased from N18,000 to N206,000 after the Federal Government carried out pension reforms under President Bola Tinubu’s administration.
The PenCom boss shared the story while speaking on the impact of the reforms, saying the increase reflects the government’s commitment to improving the welfare of retirees.
She said the retiree received a pension alert earlier in the day showing the increased payment.
“Early this morning, somewhere in Nigeria, a retired factory worker checked the alert on his phone. For 21 years, that alert read ₦18,000. This month, as in every single month now, it reads N206,000,” she said.
Oloworaran said the increase was not a gift but the result of the government’s decision to meet its obligations to retired workers.
“He did not win a lottery. He was not given anything he had not already earned. What changed was simple. His country decided to keep its promise,” she added.
According to Oloworaran, the improvement is not limited to one person, as hundreds of thousands of pensioners across the country are benefiting from the reforms.
She credited the progress to President Bola Tinubu’s commitment to workers and vulnerable Nigerians, saying the administration has focused on policies that improve the welfare of retirees.
“Work has been made easy because we have a president that is passionate about the Nigerian people, passionate about vulnerable Nigerians, and doing everything in its power to make sure that it puts more money in the hands of the average Nigerian,” she said.
The PenCom Director-General added that the administration’s record on pension welfare over the past two years reflects the impact of the reforms.
She said, “Today, standing before you with 24 months of evidence, I can say that that case is no longer emerging. It is on the record. Because history is rarely defined by one decision. It is defined by a pattern of decisions.”
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