Federal Government to auction N70bn bonds May 23

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The Federal Government has offered for subscription by auction N70 billion worth of bonds in its May 23 auction, the Debt Management Office (DMO) said.

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The offer circular obtained from its website on Tuesday in Abuja, stated that it would sell N20 billion of a five-year re-opening issue maturing in April 2023 at 12.75 percent.

It would also sell N20 billion seven-year re-opening bond to mature in March 2025 at 13.53 percent and another N30 billion 10-year re-opening bond at 13.98 percent to mature in February, 2028.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

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