FG to issue N260-390 billion bonds in Q1

The federal government plans to issue between N260-390 billion ($1.31 bln-$1.97 bln) in 5-, 10- and 20-year local denominated bonds in the first quarter of the year, the Debt Management Office said on Monday.

The debt office said it would sell within the range of 40-60 billion naira in the bond maturing in 2020 in January and February and 20-30 billion naira of same tenor paper in March.

It will issue within the range of 40-60 billion naira of the 2026 paper in each of the first three months of the year and 40-60 billion in a fresh 2036 paper in March.

Nigeria said it will borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficits in its 2016 budget.