Contrary to re-openings of old bonds that was planned for June this year according to the Bond Issuance Calendar for the second quarter of 2023, the Debt Management Office (DMO) has said, it will be issuing three new bonds.

The new bonds, which range from 10 to 30 years, are expected to raise between N240 billion and N300 billion. This is contained in a Revised FGN Bonds Issuance Calendar for the second quarter of 2023, released yesterday.

According to the revised calendar published by the DMO, there will be issuance of a new 10- year paper, 15-year and 30-year bonds from which it hopes to raise between N80 billion to N100 billion each.

This will be in addition to the reopening of 14.55 per cent FGN APR 2029 10 year paper which has a maturity of five years and 10 months. Previously, the DMO had planned to reopen the 12.50 per cent FGN APR 2032, 13.00 per cent FGN JAN 2042 and 12.98 per cent FGN MAR 2050 papers.

Between January and May this year, the debt office had raised N3.08 trillion for the federal government through FGN bond issuance. Last month, the DMO raised N545.26 billion from reopening of FGN Bonds.

It had also raised N552.465 billion in April, N563.362 billion in March, N770.561 billion in February and N662.617 billion in January this year. Nigeria is currently grappling with huge debt overhang of over N77 trillion and the need to increase revenue generation to meet expenditure requirements.

Nigeria’s total public debt stock hit N46.25 trillion at the end of December 2022, data by the Debt Management Office (DMO) indicates.