LAGOS, JULY 11 2016 – The federal government of Nigeria plans to raise 120 billion naira ($424.78 million) in local currency denominated bonds with maturities ranging between 5-year and 20-year on July 13, the Debt Management Office (DMO) said on Monday.The debt office said in a notice that it will raise 40 billion naira at par in 2021 bond, while also raising 40 billion naira apiece in the 2026 and 2036 maturing bonds at the auction.
The 2026 and 2036 debt are a reopening of the previously issued paper, the debt office said.
Nigeria, Africa’s biggest economy, said it would borrow around 900 billion naira from the local debt market to finance a portion of the estimated 2.2 trillion naira deficit in this year’s budget.
