Nigeria plans to issue between 360 billion naira and 440 billion naira in sovereign bonds with maturities ranging between five to 10-year in the first quarter of the year, Debt Management Office (DMO) has said.
The debt office said it will issue between 135 billion naira and 165 billion bonds in January, same amount in February and 90 billion naira and 110 billion naira in March.
In its latest debt issuance calendar posted on its website, the DMO said all the debt instrument are reopening of the previously issued paper.
Nigeria issue bond at an auction every month as part of measure to raise cash to finance a portion of the country's budget deficit, curb inflation and help banks manage their liquidity.
The five year bond will mature in 2023, seven year paper to mature in 2025 while the 10-year debt will due for redemption in 2028.
Nigeria recently raised 100 billion naira through the Islamic debt note, Sukuk and distributed the proceeds to finance road projects in the six geo-political regions.
Many economists have expressed concerns that the government is over leveraging on debt as a substitute for increasing tax revenue and back up falling incomes from crude oil export.
Meanwhile, the debt office said it will raise only 150 billion naira at the debt auction slated for January 30, 50 billion naira apiece in the 5-year, 7-year and 10-year maturities.
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