FG seeks to bridge deficit…to issue N450b bonds to investors

The Federal Government is seeking to raise N450 billion from the investing public in a new debt issuance aimed at bridging the government’s deficit and expanding the domestic capital market. The Debt Management Office (DMO), which oversees the issuance and management of Nigeria’s sovereign debts, will today carry out a primary market auction (PMA) for three issuances, as a measure to raise the funds. The three bonds on offer included a new issuance three-year FGN March 2027 and the reopening of the seven-year, 18.50 percent FGN February 2031 and the 10-year, 19.00 percent FGN February 2034 bonds. However, market pundits said the final allotment may triple given the recent trend in oversubscription of government issuances and final allotments.