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Nigeria to raise N450-N540 bln in debt across three tenors in Q2~debt office

By on April 7, 2021 0 75 Views

By Samuel Bankole

Nigeria plans to raise between N450 billion and N540 billion in bonds from the domestic debt market in the second quarter of 2021, according to the Debt Management Office (DMO).

In a notice by the debt office, the debt will be issued through the reopening of 10-, 15- and 25-year bonds in the month of April to June.

The debt office will sell between N150 billion and N180 billion each month across the three tenor.

The DMO said it will issue between N50 and N60 billion apiece in the 10-, 15- and 25-year bonds in April, May and June.

Nigeria issue bonds in the local debt market monthly as part of measures to finance part of the country’s budget deficit.

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In the 2021 budget, the government plans to spend around N5 trillion in deficit, which it intends to raise half from local and the other half from the foreign debt market.

On Wednesday, the head of the DMO Patience Oniha told a foreign news agency that the country is working toward raising an unspecified amount of debt through the international capital market.

Already, the debt office is seeking financial transaction advisors for the purposed debt issuance, which date and amount are yet to be disclosed.

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