Nigeria's federal government plans to borrow £1.66bn during fourth quarter of 2022

NIGERIA'S federal government plans to borrow N720bn ($1.66bn) during the fourth quarter of 2022 to help fund the rest of its budget for the year according to statistics just released by the Debt Management Office (DMO).

Yesterday, the DMO published its Federal Government of Nigeria Bonds Issuance Calendar for the fourth quarter of 2022, which highlighted income and expenditure plans. According to the calendar, on October 17, the DMO will re-open a 14.55%, April 2029 bond valued at between N70bn and N80bn, with six years, six months term-to-maturity and an original tenor of 10 years.

In addition, the office will also re-open a 12.50%, April 2032 Federal Government of Nigeria (FGN)  bond valued at between N70bn to N80bn, with a term-to-maturity of nine years, six months, and original tenor of 10 years. On the same date, the DMO will re-open a 16.24. 2037 FGN bond, valued at between N70bn and N80bn, with term-to-maturity of 14 years, six months, and original tenor of 20 years.

On November 14, the DMO will, again, re-open the 14.55%, April 2029 FGN bond valued at between N70billion and N80billion, with term-to-maturity of six years, five months.

Also, on November 14, it will re-open the 12.50 per cent, April 2032 FGN bond valued at between N70bn and N80bn, with term-to-maturity of nine years, five months. On the same date, the office will also re-open the 16.24%, April 2037 FGN bond valued at between N70bn and N80bn, with term-to-maturity of 14 years, five months.

Then, on December 12, the DMO will re-open the 14.55% FGN bond valued at between N70bn and N80bn, now with six years, four months term-to-maturity. Also, on December 12, it will re-open the 12.50%, April 2032 FGN bond, valued at between N70bn and N80bn, with term-to-maturity of nine years, four months.

Again, on December 12, it will re-open the 16.24% FGN bond valued at between N70bn and N80bn, with term-to-maturity of 14 years, four months.