Nigeria plans to raise 315 billion to 385 billion naira ($1 billion to $1.26 billion) in the first quarter of the year through sales of naira-denominated bonds, the Debt Management Office said on Friday.
The DMO said it would auction bonds maturing in 2021 and 2027 and introduce a new seven-year bond, Reuters reports. The 2021 and the 2027 are benchmark bonds that are currently traded, it said.
The debt office said its issuance program has been structured to ensure that funds required by government to finance its budget deficit are provided during the year.
Nigeria, Africa’s biggest economy, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
The West African country plans to borrow 850 billion naira offshore to help part-finance a 2018 budget. It also expects $700 million to come from international sources, the portion of 2017’s funding that it is yet to raise.
The DMO raised $2.8 billion from international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.