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.

Punchng