FG raises N110 billion bonds to mature in 2021, 2026, 2036, says DMO

In its bid to source additional funds to finance the 2016 budget, the Federal Government raised N110 billion worth of bonds to mature in 2021, 2026 and 2036 through an auction on Wednesday, according to the Debt Management Office (DMO).

According to the auction result posted on the website of DMO, N40 billion of 2021 paper was sold at 14.50 per cent.

In addition, the debt office also sold N30 billion of 2026 paper at 12.50 per cent and N40 billion of 2036 paper at 12.40 per cent respectively.

Also, the documents noted that an additional N109.5 billion of the 14.50 per cent July 2021 bonds was allotted on non-competitive basis.

Subscriptions from investors for the July 2021 bond, which was reopened, stood at N74.37 billion, while that of January 2026, which was also reopened, stood at N71.06 billion.

Subscriptions for the March 2036 bond which was also reopened stood at N64.86 billion.

Minister of Finance, Kemi Adeosun, had said that government would raise the deficit equally from both the domestic and foreign markets.