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Federal Government Set To Borrow N110bn Through Bond Auction

The Federal Government is planning to raise N110 bn by selling sovereign bonds with maturities of five and 10 years on January 24 , the Debt Management Office has said.

The debt office said on Wednesday that it would raise N50 bn with the five – year bond and N60 bn with the 10 – year paper, using the Dutch auction system, according to Reuters .

The bonds are re- openings of previous issues and the result of the auction is expected to be published on January 26 , according to the DMO .

Meanwhile, the Federal Government is expecting to raise $ 700 m from multilateral sources , part of a $ 3 . 5 bn in borrowing earmarked in the 2017 spending plan, according to the debt office .

The government raised $ 2 . 8 bn in the international market last year , selling $ 2 . 5 bn in Eurobonds in November and another $ 300 m via Diaspora bonds earlier .

The $ 3 bn Eurobond bond launched by the Federal Government in December was oversubscribed by nearly four – fold , the government said.

The bonds yields were offered around 6 . 75 per cent for the 10 – year instrument while the 30 -year paper was at 7 . 875 per cent , according to the information from the country ’ s debt office .

The Central Bank of Nigeria Governor, Mr . Godwin Emefiele , had described investor confidence in Nigeria as stemming from the positive direction of most of the economic indicators , and also supported by the decisions of both the monetary and fiscal authorities .

“ There is confidence by the investor community about what the government is doing and it delights us that the level of confidence has improved , and hence you have seen that the activities of the monetary and fiscal authorities have led to the country exiting recession, ” he had said.



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