Oil price slump: Nigeria to raise N390bn through bonds In Q1

*Bonds.

*Bonds.

Oscarline Onwuemenyi

12 January 2016, Sweetcrude, Abuja – The Debt Management Office, DMO, has rolled out plans to rise between N350 billion and N260 billion through bonds in the first three months of the year.

With declining government revenues in the wake of falling oil,prices, the President Muhammadu Buhari-led government has proposed to raise funds for the largest budget in the history of the country though debt and increased tax.

The DMO in its issuance calendar published yesterday said there would be new issues.

Consequently, it had issued the offer circular for the sale of two FGN bonds on January 20, 2016. According to the offer circular, the debt office would be raising N80 billion next week Wednesday.

It will be raising N40 billion from the re-opening of the 15.54 per cent FGN February 2020 five year bond with a four year one month maturity and another N40 billion from a 10 year new issue bond, FGN January 2026.

It noted that by February 10, 2016, it plans to raise between N80 billion to N120 billion through the re-opening of the 15.54 per cent FGN February 2020 five year bond and FGN January 2026 10 year bond.

It also plans to raise between N20-30 billion through the 15.54 per cent FGN February 2020 five year bond and N40-60 billion through the FGN January 2026 10 year bond. In addition to this, the DMO said there will be a new issue of FGN January 2036 20 year bond.

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