LAGOS, JUNE 9, 2017 – The federal government plans to sell 1.24 trillion naira ($4.1 billion) worth of treasury bills from June 15 to August 31, a central bank debt calendar for the third quarter showed on Friday.
The bank aims to auction 226.64 billion naira in 91-day bills, 311.32 billion in 182-day and 698.64 billion in 364-day debt.
The central bank sells treasury bills twice a month to help fund the government’s budget deficit and support commercial banks in managing liquidity.
Nigeria, grappling with its first recession in 25 years after a slide in global oil prices and due to the impact of attacks on energy facilities in the Niger Delta, has set out a budget plan worth 7.44 trillion naira for this year.
The West African country expects to face a budget deficit of about 2.21 trillion naira for the year as it tries to spend its way out of recession. It expects to raise money to cover more than half that deficit through domestic borrowing.
On Thursday, Africa’s biggest economy also announced plans to start an international road show next week for the sale of a diaspora bond.