The Debt Management Office (DMO) has announced plans to raise to N1.2 trillion in debt by re-issuing federal government bonds.
According to the DMO’s bond issuance calendar for the final quarter of the year, the agency intends to raise funds ranging from N960 billion to N1.2 trillion over three months, spanning October through December of this year.
These funds will be obtained through the re-issuance of bonds with maturities ranging from 10 to 30 years.
Specifically, the DMO plans to reopen the 14.55% FGN APR 2029, the 14.70% FGN JUN 2033, the 15.45 per cent FGN JUN 2038, and the 15.70% FGN JUN 2053.
For each reissuance, the Federal government plans to raise between N80 billion to N100bn. The DMO has already set 16th October 13th November and 11th December 2023 as dates for the reopening of the bond offer.
As of June 30, 2023, the total domestic debt stood at N48.34 trillion, with FGN bonds constituting 86.87 per cent of the overall figure. The outstanding FGN bond obligations for the first half of the year amounted to N41.972 trillion.