The Debt Management Office (DMO) has announced the Federal Government’s plans to sell N135 billion worth of bonds in its July 12 auction.

The offer circular, which was obtained from its website on Wednesday in Abuja, said it would sell N35 billion of bonds that would mature in July 2021 at 14.50 per cent.

It would also sell N50 billion at 16.28 per cent to mature in March 2027, while another N50 billion of paper would be sold at 16.24 per cent to mature in April 2037.

All the bonds on offer are re-openings of previous issues, the circular said.

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