The Debt Management Office (DMO) of Nigeria has said that the country plans to raise between 360 billion naira and 450 billion naira ($1.18 bln-$1.48 bln) in sovereign bonds maturing between five and 20 years in the third quarter.
The DMO said it would auction between 90-120 billion naira in the five-year note and 135-165 billion in the 10-year and 20-year debt between July and September.
Nigeria’s economy issues bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.
Nigeria expects a budget deficit of 2.36 trillion naira 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.