DMO to roll over N1trn treasury bills in Q1 2018

The Debt Management Office (DMO) will roll over treasury bills worth N1 trillion in the first quarter of 2018, data made available by the Central Bank of Nigeria has shown.

This represents 85 percent of the total bills that would mature in the first quarter.

This comes after the Debt Management Office redeemed N198 billion worth of treasury bills with proceeds from the $3 billion Eurobond issue.

In December, the DMO had said it would not roll over the treasury bills as part of its “overall debt management strategy of reducing debt service costs”.

“Other objectives of this strategy are to free up space in the domestic market for other borrowers and achieve a more sustainable debt portfolio mix of 60% domestic and 40% external,” the DMO said at that time.

According to the CBN data, 91-day bills worth N87 million would mature by the end of the first quarter.

181-day bills worth N244 million and 364-day bills worth N933 million would also mature at the end of the same period.

According to the document, 91-day bills worth N41 million will be rolled over while 181-day bills worth N190 million will also be rolled over.

364-day bills worth N848 million will also be rolled over.

Treasury bills are one of the debt instruments the federal government uses to raise funds.