On Tuesday, Nigeria’s Debt Management Office (DMO) released its debt issuance notice for August, with plans to raise N150 billion from bonds across three tenors next Wednesday.
According to the DMO, it will issue N50 billion apiece from the sales of 10-year, 20-year and 30-year tenor bonds at an auction on Aug 18, 2021.
All the three tenor paper are reopening of the previously issued debt note, according to the debt office notice.
Nigeria issue bonds monthly to raise cash to back up government finance, especially the deficits portion of the annual budget.
The 2021 federal government budget is composed of N5.6 trillion deficits of which the government plans to raise half from the domestic debt market and external sources.
Nigeria last week announced the appointment of transaction advisors for its proposed $6.5 billion Eurobond as part of measures to fund this year’s budget deficit.