The Debt Management Office (DMO) has revealed that the Federal Government plans to raise N105 billion ($345 million) in local-currency denominated bonds at an auction on October 12.
DMO said on Tuesday that it will raise N35 billion each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.
Africa's largest economy last week announced plans to raise between 250 billion naira and 340 billion naira in local currency-denominated bonds in the fourth quarter of this year.
Nigeria has estimated that it will borrow around 900 billion naira from the local debt market this year to fund a budget deficit projected at 2.2 trillion naira, which has been aggravated by an economic slump as low oil prices slashed government revenues and weakened the naira.
Meanwhile, the Debt Management Office (DMO) has launched a one-week roadshow to Britain and the United States to promote a planned $1 billion Eurobond issue to investors, a government official said on Tuesday.
"The DMO is currently on a roadshow to the UK and U.S.," the official told Reuters, asking not to be named. "It's (a) pre-marketing engagement with prospective investors."
Finance Minister Kemi Adeosun is scheduled to take part in the roadshow, the official said. Adeosun's office said the minister travelled on Tuesday to attend a World Bank meeting in Washington.
Nigeria is yet to appoint advisers and bookrunners for the bond offer after bids for the roles closed on Sept. 19. The official said the appointments are still in process.
The DMO has said it expects to raise $1 billion from the Eurobond market by mid-December, part of Nigeria's plans to borrow a total of 1.8 trillion naira ($5.8 billion) from abroad and at home to fund an expected budget deficit of 2.2 trillion naira this year.
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