Investor Presentaiton

• • . Nigeria's Public Debt Nigeria's Public Debt is implemented by reference to two (2) principal legislations: The Debt Management Office (Establishment, etc) Act 2003, and The Fiscal Responsibility Act 2007 Nigeria's Public debt is managed using the best debt management practices recognised by institutions such as the World Bank and International Monetary Fund. These practices include transparency as well as the conduct of an annual Debt Sustainability Analysis and preparation of Debt Management Strategy (every four (4) years) Borrowing and refinancing operations are done under a Medium-Term Debt Management Strategy (MTDS) whose overall purpose is to ensure that borrowing is done at low cost and prudent risk to ensure debt sustainability The Debt Management Office in collaboration with relevant stakeholders - The Federal Ministry of Finance, Budget and National Planning (FMFBNP); Central Bank of Nigeria (CBN); Budget Office of the Federation (BOF); National Bureau of Statistics (NBS); and Office of the Accountant-General of the Federation (OAGF), with technical support from the World Bank, IMF and the West African Institute for Financial and Economic Management (WAIFEM) proposed a new Debt Management Strategy for the period, 2020 - 2023, replacing the MTDS 2016 - 2019 Medium Term Debt Management Strategy 2016-2019 Targets and Achievements Medium Term Debt Management Strategy 2020-2023 Targets Indicator Actual Dec. 31, 2015 Target 2016-2019 Actual Dec. 31, 2019 Remarks Indicator Target 2020-2023 (start) Fiscal Sustainability: Total Public Debt as % of GDP Max. 40% Fiscal Sustainability: Total 10.35% Max. 25% 19.00% Achieved Public Debt as % of GDP Portfolio Composition: 84:16 60:40 67:33 Domestic External Debt Mix Significant Improvement Portfolio Composition: Domestic External Debt Max.70:Min.30 Refinancing Risk: i.Average Tenor of Debt 7.15 Portfolio Min. 10 years years 10.5 years Target was exceeded Refinancing Risk: i.Average Tenor of Debt Portfolio ii. Long-Term: Short-Term Domestic Debt Mix Min. 10 years Min.75:Max.25 ii. Long-Term: Short-Term Domestic Debt Mix 71:29 Min.75:Max.25 79:21 Target was exceeded Contingent Liabilities Sources: Debt Management Office STRICTLY PRIVATE & CONFIDENTIAL 5% of GDP 9

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