Nigeria to raise up to N450 billion bonds by 3rd quarters

Nigeria plans to raise between N360 billion  and N450 billion ($1.18 bln-$1.48 bln) in sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office (DMO) said on Wednesday.

The debt office said it would auction N90-120 billion in the five-year note and N135-165 billion in the 10-year and 20-year debt between July and September.

Africa’s biggest economy issues bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.

The West African country expects a budget deficit of N2.36 trillion this year as it tries to spend its way out of a recession. It expects to raise money to cover more than half the gap from the local market, Reuters reports.