FG to borrow N120bn from local debt market

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The Federal Government is planning to borrow N120bn ($387m) in local-currency denominated bonds at an auction on September 14, the Debt Management Office has said.

The DMO said on Tuesday it would raise N40bn each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system. All the bonds are re-openings of previously issued debt. The Federal Government has estimated it will borrow around N900bn from the local debt market this year to fund a budget deficit projected at N2.2tn.

The Central Bank of Nigeria has said it is planning to borrow N1.77bn via Treasury Bills in the last three months of the year. In its fourth quarter Treasury bill issue programme released on Monday, the CBN said it would raise about N815.37bn, comprising 91 days, 182 days and 364 days debt instruments.

In addition to the above, the central bank was also planning to raise about N952.05bn as rollover in the three categories of the instruments.

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