Nigeria To Sell NGN110 Billion In Bonds

Kemi Adeosun

In line with its fund raising drive, the Debt Management Office, DMO has announced that it will be sell a total of NGN110 billion in Naira denominated bonds next week.

The first bond valued at NGN40 billion will mature in 2036, the NGN30 billion of bond will mature in 2026 and while the another NGN40 billion of bond will mature in 2021 all through Dutch auction system.

The auction is to take place on 17th of August, 2016, result of the auction will be released the following day.

Nigeria is hoping to use these borrowing to make up for its budget deficit. As part of its plan, about NGN2.2 trillion of the NGN6.05 trillion budget for 2016 will be borrowed from local and international sources.

Local sources will account for about NGN900 billion while the rest will be through a Eurobond auction of at least USD1 billion. The DMO has already called for tender from financial advisers who will help it package the debt offer.

 

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