As part of its plan to raise N11 trillion to fund the 2023 Budget, the federal government has announced the auction of N360 billion worth of domestic bonds to investors.
This was made known on Wednesday by the Debt Management Office, DMO, which also gave maturity date for potential investors to recoup their investments.
The Office stated that the Federal Government plans to raise new borrowings of N9.32 billion comprising N7.4 trillion from domestic sources and N1.8 trillion from foreign sources.
According to the offer circular released yesterday the DMO, said it will auction N360 billion worth of FGN bonds adding that the auction will open on April 17 and settlement will hold on April 19 2023.
The bonds to be auctioned are: 13.98 percent FGN FEB 2028 (10-Yr Re-opening)-N90 billion; 12.50 percent FGN APR 2032 (10-Yr Re-opening)-N90 billion; 13.00 percent FGN JAN 2042 (20-Yr Re-opening)-N90 billion; and 12.98 percent FGN MAR 2050 (30-Yr Re-opening)-N90 billion.
The debt office had last month announced that its N360 billion bonds offered to investors were oversubscribed to the tune of 125 percent, raising the total sum to over N800 billion.
