The Debt Management Office (DMO) says the Federal Government is to auction by subscription ₦150 billion worth of bonds on Jan. 30.
The DMO said in a circular on its website on Wednesday in Abuja, that the five-year re-opening bonds of ₦50 billion to mature in April 2023 would be offered at 12.75 per cent.
It said that the seven-year re-opening bonds also of ₦50 billion to mature in March 2025 would be auctioned at 13.53 per cent.
It added that the 10-year bonds of ₦50 billion, which would be due in February 2028, would be auctioned at 13.98 per cent.
According to the DMO, the bonds will be sold at ₦1,000 per unit, subject to a minimum subscription of ₦50 million and in multiples of N1,000 thereafter.
The DMO explained that the bonds were backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment would be made on maturity date.
Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
