In order to increase the country’s debt profile, the Federal Government intends to raise N720 billion from the bond market in the third quarter of this year.
This was disclosed in a document obtained by Ripples Nigeria on Wednesday from the Debt Management Office (DMO).
The DMO estimates that between July 18 and September 19, the federal government will issue nine distinct bond issues totaling between N630 billion and N720 billion, with bond maturities ranging from 10 years to 20 years.
In the first quarter of this year, the federal government borrowed N2.2 trillion from the bond market as it continued to look for money outside of its sources of revenue.
President Muhammadu Buhari-led administration had revealed in January that it would borrow N2.57 trillion from local investors to finance the 2022 budget.
In the document, the agency disclosed that the government would raise between N70 billion to N80 billion in three tranches on July 18, August 15, and September 19.
The development will increase Nigeria’s debt stock to $100.06 billion.
