Nigerian government to sell N430 billion bond in first quarter 2017

FILE PHOTO: President Muhammadu Buhari presenting the 2016 Budget to the National Assembly

The Nigerian government plans to issue N340 billion to N430 billion of local-currency bonds during the first quarter of 2017.

A debt issuance calendar posted on the website of the Debt Management Office, DMO, and obtained by PREMIUM TIMES on Saturday said the office would auction N110 billion to N140 billion worth of bonds maturing in 2021.

The data showed that the government will equally auction N85 billion to N105 billion in debt maturing in 2026.

According to the calendar, the debt office will also sell N45 billion to N55 billion in bonds maturing
in 2027 and N100 billion to N130 billion to mature in 2036.

The calendar also showed that the 2027 bond will be a new issue in March while the rest will re-open previously issued debt, starting after January 18.

The Nigerian government had proposed a budget deficit of N2.36 billion for 2017, hoping to fund it by borrowing N1.254 trillion domestically and N1.067 trillion abroad.

While presenting the proposed 2017 budget estimates to a joint session of National Assembly in December 2016, President Muhammadu Buhari had confirmed the planned borrowing of N1.254 trillion from the domestic market.

Mr. Buhari said he intends to use the 2017 expansionary budget to spend the country out of biting economic recession and has tagged it a “Budget of economic recovery and growth.”

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