25.8 C
Lagos
Tuesday, May 17, 2022

DMO to sell N400 – N480 bln bonds on domestic debt market in Q4

By Oludare Mayowa

Nigeria Debt Managment Office (DMO) will borrow between N400 billion and N480 billion on behalf of the federal government from the domestic debt market for the last quarter of 2021 to finance portion of the government budget.

In its bonds issuance calendar for the fourth quarter of the year, the DMO said it will sell bonds across 10-year, 20-year and 30-year tenor in the last three months of the year.

According to the debt office, all the bonds to be issued are reopening of the previously issued debt notes.

The DMO will raise N150-N180 billion in the 10-year paper, N150 billion – N180 billion in the 20-year debt and N100- N120 billion in the 30-year bonds spread across the three months of the fourth quarter.

READ ALSO: Nigeria will borrow N5.01 bln to fund a portion of 2022 budget, says Ahmed

Nigeria had proposed to borrow around N2.5 trillion from the domestic market this year to finance a portion of this year’s budget deficits.

Nigeria has raised a total of N2.19 trillion through the domestic debt market so far this year.

The debt office is mandated to issue monthly bonds at its auction to raise fund to finance the deficit component of the federal government budget.

This year, the DMO has a domestic funding target of N2.34 trillion, which represent the half of the N5.6 trillion budget deficits for this year.

Latest news
- Advertisement -spot_img
Related news