FG plans to borrow N952bn


DEJAGABAN.COM-The Federal Government has revealed plans to borrow the sum of N952.04bn ($3.02bn) with new issues of Treasury Bills from September 15 to December 1, 2016.

In its latest TBs issuance calendar, the CBN said it would sell N264.47bn worth of three month bills, N204.88bn of six month bills and N482.69bn of one-year bills.

The Federal Government is expected to borrow around N900bn from the local market to bridge its budget deficit, which is estimated at N2.2tn in the 2016 budget.

According to the Debt Management Office, the Federal Government is also planning to borrow N120bn ($387m) in localcurrency denominated bonds at an auction on September 14.

Additionally, the apex bank will also borrow N1.77bn via Treasury Bills in the next three months of the year.




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