SHOCKER: Buhari set to borrow $1.40bn

– The Nigerian government is planning to borrow between N305bn and N395bn ($1.08bn-$1.40bn)

– The government has said it will borrow about N900bn locally to finance part of the N2.2tn deficits in the 2016 budget

The money which will come in local currency-denominated bonds have maturity range of five to 20 years in the third quarter of this year.

According to the Debt Management Office it will auction between N105bn and N135bn worth of bonds maturing in 2021, 2026 and 2036 in July, while same bonds valued at between N95bn and N125bn would be sold in August; and N105bn and N135bn worth of the paper would be sold in September.

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In its latest debt issuance calendar, the debt office said the 2021 paper was a new issue, while the 2026 and 2036 maturing paper re-opened previously issued debt, Reuters reported.

The Federal Government issues sovereign bonds monthly to support the local bond market to create a benchmark for corporate issuance and fund its budget deficit.

The government has said it will borrow about N900bn locally to finance part of the N2.2tn deficits in the 2016 budget.

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