Nigeria plans to raise between 129.75-239.75 billion naira ($1.49 billion) in 10-year sovereign bonds in the first quarter of the year, the Debt Management Office (DMO) said on Thursday, a major step to plug the revenue gap in 2012.

The debt office said it would auction between 79.75-99.75 billion naira in 10-year bonds of various maturity dates in January, 60-80 billion naira in February and 50-60 billion naira in March of the same tenor respectively.

Nigeria, Africa’s second biggest economy after South Africa said all the papers were re-openings of those previously issued, except for the issue of 30-40 billion naira fresh paper in January.

DMO discontinued the issuance of lower tenor papers of 3 and 5-year in the third quarter of last year and concentrated on the 10-year instrument as part of its debt restructuring measures.

Source: Reuters/Oludare Mayowa