The Federal Government is making plans to borrow N1.24tn in the third quarter via the issuance of Treasury bills by the Central Bank of Nigeria (CBN).
According to the debt calendar of the apex bank for the third quarter released on Friday, it would sell N1.24tn ($4.1bn) worth of treasury bills from June 15 to August 31, 2017.
The CBN also aims at auctioning N226.64bn in 91-day bills, N311.32bn in 182-day and N698.64bn in 364-day debt.
The central bank sells TBs twice a month to help fund the government’s budget deficit and support commercial banks in managing liquidity.
The Federal Government has set out a budget plan worth N7.44tn for this year.
The country is grappling with its first recession in 25 years after a slide in global oil prices and due to the impact of attacks on oil facilities in the Niger Delta.
The country is expected to face a budget deficit of about N2.21tn 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.