The Nigerian Debt Management Office (DMO) has announced plans to raise about 280 billion naira ($1.72 billion) in sovereign bonds ranging between 5 and 10 years in the third quarter of 2012, this figure is less than the DMO’s second quarter debt issuance.

According to DMO, 25 to 35 billion naira each would be sold in 5-, 7- and 10-year paper in July and August; while it would also sell 25 to 35 billion each in 5-year and 7-year bonds in September.

It further stated that all the bonds were re-openings that had been previously issued.

It will be noted that Nigeria’s Debt Management Office issues sovereign bonds on monthly basis to support the local bond market in addition to creating a benchmark for corporate issuance and to fund its budget deficit.

So far, the DMO has issued 593.37 billion naira ($4 billion) worth in sovereign debt in 2012.