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Fed Govt to borrow N390b in three months

Debt Management of Nigeria logo

TVCE – The Debt Management Office, (DMO) on Monday disclosed that Federal Government would borrow between N260 billion and N390 billion in the first three months of this year.

The debt body said the long-term borrowing would come in five, 10 and 20-year local denominated bonds.

DMO said it would sell within the range of N40 to N60 billion in the bond maturing in 2020 in January and February and N20 to N30 billion of same tenor paper in March.

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DMO said it will issue within the range of N40 to N60 billion of the 2026 paper in each of the first three months of the year and N40 to N60 billion in a fresh 2036 paper in March.

It would be recalled that the 2016 budget proposal reveals that Nigeria will borrow about N900 billion locally to finance part of the N2.2 trillion deficits in its 2016 fiscal year.

Analysts said the government’s  proposed N6.08 trillion budget for the 2016 fiscal year, has  N1.84 trillion deficit financing targeted mainly at infrastructure development to be funded through borrowing.

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