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Nigerian Authorities have Failed to Pay Coupons on Two Savings Bonds on Time
By SG Editor·
Nigeria’s debt management office logo over a money background, highlighting financial growth and startup funding.
They have blamed the delay — the second in two months — on system and processing issues. The nation was due to pay the first coupon on two- and three-year debt it sold in June on Sept. 12, according to investors. Nigeria raised $2.56 million from the sales. Subscribers to other savings bonds said there was a week’s delay in coupon payments due in August, the first time they experienced a hold-up since the introduction of the instruments seven years ago. The delayed payments may raise concerns that the government is coming under pressure from its rising debt burden.