Nigeria plans to sell N95 billion (301.8 million dollars) of bonds on Nov. 16, the Debt Management Office (DMO) said on Friday.

The office said it would sell N35 billion of a bond maturing in 2036, and N25 billion of paper maturing in 2026.

Thirty five billion dollars of debt is maturing in 2021 using the Dutch Auction System.

Results of the auction are expected to be released on the following day. All the bonds on offer are reopening of previous issues.

Africa’s biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

Nigeria plans to borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficit in its 2016 budget.

It is also seeking advisers and bookrunners to manage a planned one billion dollars Eurobond sale this year. (Reuters/NAN)